Latest figures on gold demand in the third quarter of 2025

Everyone expected demand to be high in the third quarter. Globally, it was a whopping 58 percent higher this year than in the third quarter of 2024, amounting to 1,313 tons of gold. Even though some areas were less impressive, inflows into gold-backed ETFs made up for this. In North America alone, these inflows amounted to US$16 billion in the three months. US trading volumes even reached record levels.

The highest gold price was recorded in October at US$4,456.54 per troy ounce of gold. This was 40 percent more than in the previous year. In fact, there were eleven new highs in the price of gold in October. In September, the precious metal reached new all-time highs 13 times. By contrast, demand for bars, coins, and jewelry fell by around 33 percent compared to the previous year. However, spending on jewelry increased in value compared to 2024. Gold bars and coins saw strong profit-taking – no surprise given the high gold price – but also strong purchases.

Although the gold price has now corrected, forecasts are predominantly for rising prices in the first half of 2026. On average, around US$4,000 per ounce of gold is predicted for the fourth quarter of 2025, with forecasts for 2026 as a whole ranging between US$4,500 and US$5,000 per troy ounce. Gold prices are forecast to decline again at the end of 2026.

Incidentally, gold and silver sales are also excellent at warehouse retailer Costco. This generates several hundred million US dollars per month for Costco. However, investors can also turn to mining companies that own the precious metals in the ground or to royalty companies that stand for diversification.

Osisko Development – https://www.commodity-tv.com/ondemand/companies/profil/osisko-development-corp/ – owns the Cariboo Gold (Canada, 100 percent), San Antonio (Mexico), and Tintic (USA) projects. Production at Cariboo (approximately 190,000 ounces of gold per year over ten years) is scheduled to start in 2027.

Gold Royalty – https://www.commodity-tv.com/ondemand/companies/profil/gold-royalty-corp/ – focuses on gold, silver, and copper, as well as gold properties in North and South America. Gold Royalty’s portfolio currently includes 250 royalties and streams. The third quarter saw record revenues.

Current company information and press releases from Osisko Development (- https://www.resource-capital.ch/en/companies/osisko-development-corp/ -) and Gold Royalty (- https://www.resource-capital.ch/en/companies/gold-royalty-corp/ -).

Sources:

https://www.gold.org/goldhub/research/gold-demand-trends/us-gold-demand-trends-q3-2025?utm_medium=email&utm_source=newsletter&utm_campaign=GOLDHUB%3A+Your+Weekly+Gold+Market+Round-up%2C+November+7%2C+2025;

https://www.finmagazin.de/neuigkeiten/der-edelmetallerfolg-von-costco-spiegelt-den-steigenden-trend-bei-gold-und-silberinvestitionen-wider/.

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