Gold and Silver Demand Analysis: Investment vs. Underlying Factors (2024-2025)

In 2025, gold demand reached 4,999 tonnes, an increase of 370 tonnes from 2024. However, underlying demand showed a decline in key sectors: jewelry fell by 388 tonnes and central bank demand decreased by 229 tonnes. In contrast, investment demand surged to 2,175 tonnes, up 990 tonnes. For silver, total demand dropped to 1,148 million ounces, down 16 million ounces, with industrial and jewelry demand also declining. This disparity between investment and underlying demand may indicate volatility in precious metal prices going forward.