Global Demand for Gold Bars & Coins: Q2 2025 Overview
Based on analysis of market trends and World Gold Council reporting standards.
The global demand for physical gold investment (bars and coins) saw a shift in the second quarter of 2025, declining by 6% compared to a exceptionally strong Q1. Here’s a breakdown of key regional performances.
Regional Performance Highlights
- 🇨🇳 China: Remained the world's largest market for physical gold investment. Chinese investors acquired 115 tonnes of bars and coins, representing a substantial investment of approximately $12 billion.
- 🇮🇳 India: Demonstrated sustained growth for the eighth consecutive quarter, with demand reaching 46 tonnes. A notable trend is the strengthening interest in retail coin sales through online platforms.
- 🇹🇷 Turkey: Demand decreased to 15 tonnes. This pullback is attributed to a shift in local investment strategy, where high bank interest rates offered more attractive returns than gold in the short term.
- 🇮🇷 Iran: Investment surged dramatically to 13 tonnes, the highest level in six years. This surge is driven by persistent high inflation and rising geopolitical tensions in the region, boosting gold's safe-haven appeal.
- 🇺🇸 United States: Demand fell to a multi-year low of just 9 tonnes. The market was characterized by profit-taking, a lack of new buying interest, and the impact of new tariffs on certain investment vehicles.
- 🇪🇺 Europe: The region showed a significant year-on-year doubling of demand. Germany led the continent as the most active market for purchases.
- 🇦🇺 Australia: Demand grew robustly, up 18% compared to the same period last year, reaching 4 tonnes. The most active buying occurred during April and May, coinciding with a notable upward price trend for gold.