29 January, 2026
Highlights
- US gold demand rose 140% y/y to 679t in 2025. This marked the highest level of demand since 2020 and was driven almost entirely by ETF investment.
- US gold-backed ETFs attracted 437t of demand. This pushed total holdings to a record 2,019t (US$280bn in AUM) and accounted for more than two-thirds of total US demand.
- The LBMA (PM) gold price set 53 new all-time highs during 2025. The average Q4 price was a record US$4,135/oz (+55% y/y), resulting in the highest annual average of US$3,431/oz (+44% y/y).
- Outlook: Continued geopolitical uncertainty, expectations of lower interest rates, and pressure on the US dollar are likely to support another year of strong US gold ETF inflows, while consumer demand may remain constrained in a high-price environment.
A defining year for US gold investment
Explosive ETF demand offset widespread consumer softness
Total gold demand in the US surged to 679t in 2025, but its composition told a more nuanced story than the headline total. Investment—specifically gold ETFs—was the clear driver of demand growth, dominating the US market as investors responded to a year of heightened geopolitical risk, shifting rate expectations, and a relentless rise in the gold price.
US listed physically backed gold ETFs were the only segment to expand, driving the bulk of total US demand and pushing collective holdings (2,019t) to new highs. Strong momentum, safe-haven buying, and portfolio diversification needs kept investor appetite elevated throughout the year.
In contrast, bar and coin investment weakened, while the value of demand remained resilient, supported by momentum buying and an active secondary market. Additionally, historical patterns suggest that this type of demand tends to soften under Republican administrations.
Jewellery demand cooled as higher gold prices limited purchases of heavier pieces. Even so, value-based spending rose, supported by strong appetite for premium, high-carat jewellery among higher-income consumers despite broader affordability pressures.
Technology demand eased slightly, mirroring global trends as US fabrication faced mixed conditions across major electronics hubs and ongoing supply-chain realignments.
Overall, 2025 marked a decisive shift in the structure of US gold demand: investment took centre stage, while price-sensitive consumer categories moderated—an increasingly familiar dynamic in years marked by economic uncertainty and strong price performance.
Table 1: Annual and quarterly US gold demand by sector (tonnes)
| Demand (t) | 2024 | 2025 | %Δ y/y | Q4’24 | Q4’25 | %Δ y/y |
|---|---|---|---|---|---|---|
| Jewellery | 131.9 | 117.3 | -11.1% | 47.0 | 40.0 | -15% |
| Technology | 69.9 | 67.1 | -4.1% | 18.1 | 17.4 | -4% |
| Bar and coin | 77.5 | 58.0 | -25.2% | 18.6 | 20.9 | 12% |
| ETFs | 3.8 | 437.0 | >1,000% | 25.6 | 96.4 | 277% |
| Total | 283.2 | 679.3 | 140% | 109.3 | 174.6 | 60% |
*For an explanation of these terms, please see the notes and definitions download: Gold Demand & Supply by Country | World Gold Council. Source: Metals Focus, World Gold Council.
Chart 1: Gold ETFs dominated US gold demand in every quarter of 2025
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ETF momentum saves US gold demand
A rallying gold price marked by 53 record highs helped create a reinforcing demand feedback loop in which ETF investment rose alongside the underlying gold price. As a result, gold ETFs played an outsized role, accounting for roughly two-thirds of both quarterly and annual demand.
While the higher gold price undoubtedly supported investment inflows, the primary factors that drive gold were unusually balanced during the year.
Chart 2: Gold ETFs aren’t always the demand driver…but they are now
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Global context and why the US mattered most
At the macro level, intensifying geopolitical and geoeconomic tensions, combined with a weaker US dollar and modestly lower interest rates, prompted investors to seek both safe-haven assets and portfolio diversification.
This backdrop supported gold investment globally, where physically-backed gold ETFs recorded their strongest year of inflows on record (US$89bn) and the second-highest annual demand ever (801t). The US was the key engine of this surge: US-listed ETFs attracted US$50bn of inflows and 437t of demand, representing more than half of global totals.
Chart 3: A record year for US gold-backed ETFs
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Chart 4: Net demand surpasses 2009 levels
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Chart 5: Allocations to gold below prior risk periods
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Table 2: Key US funds snapshot (top four US listed funds based on net inflows)
Fund Flow (US$mn)
| GLD | GLDM | IAU | IAUM | |
|---|---|---|---|---|
| 2023 | -1,967 | 484 | -2,966 | -38 |
| 2024 | 454 | 1,073 | -31 | -141 |
| 2025 | 23,361 | 8,017 | 11,151 | 3,070 |
| Total | 21,848 | 9,573 | 8,154 | 2,890 |
AUM (US$bn)
| GLD | GLDM | IAU | IAUM | |
|---|---|---|---|---|
| 2023 | 58 | 6 | 26 | 1 |
| 2024 | 73 | 9 | 33 | 1 |
| 2025 | 148 | 25 | 68 | 6 |
| Δ ’24–’23 | 15 | 3 | 7 | 0 |
| Δ ’25–’24 | 75 | 16 | 35 | 5 |
Holdings (tonnes)
| GLD | GLDM | IAU | IAUM | |
|---|---|---|---|---|
| 2023 | 879 | 96 | 399 | 18 |
| 2024 | 872 | 110 | 393 | 16 |
| 2025 | 1,070 | 183 | 494 | 44 |
| Δ ’24–’23 | -7 | 14 | -6 | -2 |
| Δ ’25–’24 | 198 | 73 | 101 | 27 |
*As of 31 December 2025. Source: Bloomberg, Company Filings, World Gold Council.
North America retail investment
- Retailers describe the environment as “COVID-esque,” marked by overwhelming order volumes, constant news flow, supply stress, and heightened customer anxiety.
- Record-high volumes are stretching processing capacity at major dealers, slowing fulfilment times. In some cases, delays are amplifying customers’ urgency to buy more.
- Retailers are adding new customers rapidly, with anecdotal evidence pointing to increased interest from younger consumers. Costco also remains a net positive for industry awareness.
- Profitability remains strong, with dealers widening margins by sourcing product from the secondary market rather than from mints.
- Dealers report significant growth in metals-related IRA activity, a trend they expect to accelerate further.
Footnotes
- Based on the LBMA PM benchmark price.
- Please visit the 2026 Outlook for more colour on what drove gold’s surge.