Who is driving the gold market?
Historically, jewellery demand for gold was the dominant source, but that is changing. This shift tells us a lot about why prices remain high. In 2025, investment demand reached approximately 2,175 tonnes, overtaking jewellery consumption at around 1,542 tonnes, whilst central banks continued to accumulate gold at record levels. Geopolitical uncertainty and fragmented financial systems have increased diversification away from traditional financing, influencing how central banks and institutional investors view gold. This change in demand also raises a new question for the mining industry: with a new gold project taking up to 20 years to bring into production, how will supply respond to an evolving market? Read our latest post where we explore the trends shaping global gold demand.