Gold Demand Hits Record, Prices Top $4,300

The World Gold Council’s Q3 2025 report shows global gold demand reached a record 1,313 tonnes (about $146 billion), driven by a surge in investment—ETFs added 222t and total investment reached roughly 537t—amid geopolitical tensions and a weaker dollar. Central banks bought heavily (220t in Q3) and the WGC estimates annual purchases of 750–900t, while jewelry demand weakened, notably in India. Gold prices spiked in October to record highs above $4,300–$4,381/oz before retreating to around $4,000, with safe‑haven flows and Fed uncertainty after Chair Powell’s remarks amplifying moves. The rally boosted miners and metal markets: New Gold reported a record quarter led by Rainy River output and saw its shares reach multi‑year highs, and copper also surged on supply concerns. Major banks and analysts remain broadly bullish into 2026, and the WGC expects investor demand to continue supporting gold despite elevated prices.