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The World Gold Council’s Full-Year 2025 Gold Demand Trends report reveals that total gold demand hit a new all-time high of 5,002t last year. A record fourth quarter set the seal on a stellar year as continued geopolitical and economic uncertainty propelled hefty investment in gold with an annual value of US $555bn. Global investment demand reached a landmark level of 2,175t and was the main driver behind gold’s remarkable and record-breaking year. Across the world, investors seeking safe haven and diversification, piled into gold ETFs, adding 801t throughout the year. Investors also bought bullion with global bar and coin demand reaching 1,374t or US $154bn in value terms. The two major markets China (+28% y/y) and India (+17% y/y) recorded significant gains, making up more than 50% of demand in the category. Central bank demand remained elevated in 2025, with the official sector adding 863t of gold. While annual demand was below the 1,000t mark surpassed in the previous three years, central bank buying remained a prominent and additive factor in the global gold demand picture. Amidst a spate of price highs, global jewellery demand softened as expected throughout the year, declining 18% compared to 2024. However, the total value of gold jewellery demand increased 18% year-on-year to US $172bn, highlighting the relevance of gold for consumers in the long term. Total supply also reached a new record, as mine production rose to 3,672t and recycling increased by a modest 3%, remaining subdued despite high prices. Louise Street, Senior Markets Analyst from the World Gold Council, commented: “2025 saw surging demand for gold and rocketing prices. Consumers and investors alike bought and held gold in an environment where economic and geopolitical risks have become the new normal. Investment demand stole the show as investors raced to access gold through all available routes, but other segments played a supporting role. Jewellery demand dipped by only 18% year-on-year against a 67% price increase – highlighting continued consumer willingness to buy at elevated prices, and central banks remained firmly committed to bolstering reserves. “With economic and geopolitical instability showing little sign of retreat in 2026, momentum from last year’s strong gold demand is likely to persist. In the first month of this year, gold has already pushed past US $5,000/oz for the first time, underscoring gold’s role as a safe haven in uncertain times.” GDT India Factsheet: India Gold Demand Statistics for 2025 (January - December) Demand for gold in India for 2025 was at 710.9 tonnes, down by 11% as compared to full year demand for 2024 (802.8 tonnes) India’s 2025 gold demand value was Rs. 751,490 crores, up by 30% as compared to 2024 (Rs.575,930 crores) Total Jewellery demand in India for 2025 decreased by 24% to 430.5 tonnes as compared to 2024 (563.4 tonnes) The value of jewellery demand increased by 12% at Rs. 454,390 crores, compared to Rs. 404,510 crores recorded in 2024 Total Investment demand for 2025 was at 280.4 tonnes, increased by 17% in comparison to 2024 (239.4 tonnes) In value terms, gold Investment demand in 2025 was Rs. 297,100 crores, up by 73% from 2024 (Rs. 171,420 crores) Total gold recycled in India in 2025 was 92.7 tonnes, down by 19% compared to 114.3 tonnes in 2024 Total gold imports in India in 2025 was 663.7 tonnes, down by 17% compared to 801.7 tonnes in 2024 US$/oz average annual price in 2025 was US$ 3,431.5 in comparison to US$ 2,386.2 in 2024 INR/10g average annual price in 2025 was INR 101,572.7 in comparison to INR 70,754.3 in 2024 (without import duty and GST) India Gold Demand Statistics for Q4 2025 (October - December) Demand for gold in India for Q4 2025 was at 241.3 tonnes, down by 9% as compared to overall Q4 demand for 2024 (265.8 tonnes) India’s Q4 2025 gold demand value was Rs. 303,470 crores, up by 49% as compared to Q4 2024 (Rs.203,070 crores) Total Jewellery demand in India for Q4 2025 decreased by 23% to 145.3 tonnes as compared to Q4 2024 (189.8 tonnes) The value of jewellery demand was up by 26% at Rs. 182,770 crores, compared to Rs. 144,980 crores recorded in Q4 2024 Total Investment demand for Q4 2025 was at 96.0 tonnes, increased by 26% in comparison to Q4 2024 (76.0 tonnes) In value terms, gold Investment demand in Q4 2025 was Rs. 120,700 crores, up by 108% from Q4 2024 (Rs. 58,090 crores) Total gold recycled in India in Q4 2025 was 21.7 tonnes, down by 27% compared to 29.6 tonnes in Q4 2024 Total gold imports in India in Q4 2025 was 215.1 tonnes, down by 5% compared to 227.3 tonnes in Q4 2024 US$/oz average quarterly price in Q4 2025 was US$ 4,135.2 in comparison to US$ 2,663.4 in Q4 2024 INR/10g average quarterly price in Q4 2025 was INR 125,741.6 in comparison to INR 76,402.9 in Q4 2024 (without import duty and GST) India gold demand figures for the period January - December 2025 vs. the corresponding period in 2024: Gold Demand 2024 Jan - Dec 2024 2025 Jan - Dec 2025 % Growth Tonnes INR (crore) USD (bn) Tonnes INR (crore) USD (bn) Volume Tonnes Value (INR) Value (USD) Jewellery 563.4 404,510 44.3 430.5 454,390 49.1 -24% 12% 11% Investment 239.4 171,420 18.8 280.4 297,100 32.1 17% 73% 71% Total 802.8 575,930 63.0 710.9 751,490 81.2 -11% 30% 29% India gold demand figures for the period October - December 2025 vs. the corresponding period in 2024: Gold Demand Q4’2024 Oct - Dec 2024 Q4’2025 Oct - Dec 2025 % Growth Tonnes INR (crore) USD (bn) Tonnes INR (crore) USD (bn) Volume Tonnes Value (INR) Value (USD) Jewellery 189.8 144,980 16.2 145.3 182,770 19.3 -23% 26% 19% Investment 76.0 58,090 6.5 96.0 120,700 12.8 26% 108% 96% Total 265.8 203,070 22.8 241.3 303,470 32.1 -9% 49% 41% Sachin Jain, Regional CEO, India, World Gold Council said: “India’s gold market in Q4 2025 clearly reflected the dual impact of record-high prices and shifting consumer behaviour. Total gold demand for the quarter stood at 241.3 tonnes, marking a 9% decline compared to Q4 2024. However, this moderation in volume was more than offset by a sharp rise in value, with overall gold demand increasing 49% year-on-year to approx. Rs. 303,470 crores. Despite the wedding season, jewellery volumes dropped by 23% to 145.3 tonnes as record-high prices and affordability pressures weighed on consumption. This volume–value divergence mirrors 2025’s exceptional price rally, with gold delivering over 60% returns and 53 all-time highs. In contrast, investment demand emerged as a clear bright spot during the quarter. Total investment demand rose 26% year-on-year to 96.0 tonnes, while its value more than doubled to Rs. 120,700 crores, up 108% compared to Q4 2024. This strong performance highlights a growing strategic commitment among Indian investors to gold as a long-term portfolio hedge. On the supply side, gold imports during Q4 2025 stood at 215.1 tonnes, marginally lower by 5% compared to the same period last year. Recycling activity declined more sharply, down 27% to 21.7 tonnes, suggesting that consumers are choosing to retain their gold holdings despite record prices. This behaviour further reinforces gold’s role as a trusted store of wealth, especially during periods of economic and market uncertainty. Overall, 2025 demand in volume terms was just lower by 11% to 710.9 tonnes but in contrast value wise the demand was up by massive 30% to INR 751,490 crores in comparison to 2024. Looking ahead to 2026, we expect Indian gold demand to be approx. 600-700 tonnes as gold is well positioned to continue benefiting from persistent global uncertainties, a potentially softer interest rate environment, and sustained diversification efforts by global central banks. At the same time, we expect investment demand to remain robust, driven by increasing awareness of gold’s portfolio benefits and a growing appetite for ETFs and digital gold as reliable hedges against volatility.”

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