November 6, 2025
U.S. gold demand increased by 58% in the third quarter of 2024 compared to the previous year, as reported by the World Gold Council (WGC). North American ETF inflows reached $16 billion, significantly boosting trading volumes. Overall gold demand in the U.S. rebounded to 186 tonnes, marking a 58% year-over-year growth. However, consumer demand for jewelry, bars, and coins fell by 33% to 32 tonnes. Jewelry consumption continued its decline, dropping 12% year-over-year to 25 tonnes, with spending in value terms decreasing by 12% quarter-over-quarter to $2.7 billion, yet increasing 23% year-over-year.
U.S. bar and coin demand saw a sharp decline, falling 64% year-over-year to 7 tonnes, marking the weakest demand since the pre-COVID period of 2017-2019. The value of this demand also fell by 49% year-over-year to $801 million. Despite this, the quarter experienced strong two-way activity with robust buying and profit-taking.
In the tech sector, demand was mixed across major electronics hubs. The U.S. and Japan saw declines, while South Korea and Mainland China & Hong Kong remained steady. U.S.-listed ETFs added 137 tonnes of gold in Q3, a 160% year-over-year increase, bringing total holdings to 1,922 tonnes valued at $236 billion.
The WGC highlighted that gold-backed ETFs served as a lifeline amid declines in other sectors. Q3 saw a record quarter for gold-backed ETFs, with global inflows of $26 billion and total holdings rising by 222 tonnes to 3,838 tonnes. The U.S. contributed significantly, accounting for 137 tonnes or 62% of global demand.
Year-to-date cumulative net inflows for North American gold-backed ETFs reached $37 billion through September, with 99% from U.S.-based funds, setting a pace for a record annual performance. North American funds are on track for their third-strongest year in tonnage terms.
U.S. trading volumes also saw significant activity. In Q3, average daily trading volumes of COMEX futures and options reached $104 billion, up 35% year-over-year, while North American ETFs averaged $5 billion per day, up 109% year-over-year. Together, they accounted for 33% of global market liquidity.
The WGC also noted that retail gold demand has improved since the end of Q3, with retail investors shifting from net sellers to net buyers. Costco's gold business is thriving, driven by consumer trust and static pricing. U.S. fractional gold bar demand remains strong, with dealers willing to pay higher premiums for smaller formats.
The World Gold Council shared updated gold price forecasts, with Bloomberg consensus pointing to rising prices through the first half of 2026. Recent revisions show an average Q4 2025 forecast of $4,000 per ounce, with full-year 2026 targets ranging from $4,500 to $5,000 per ounce.
