Real Assets

Demand for Gold Remains Strong

Since bottoming at around $1,630/oz in October 2022, the gold price has rallied more than 120%.1 Perhaps most remarkable about the current rally has been its persistence; the metal’s price plowed unceasingly higher through conditions both hospitable to gold appreciation and otherwise.

Global central banks, seeking to bolster their strategic gold reserves in response to heightened geopolitical risks and the specter of currency debasement, have been among the key sources of support for gold over the past few years. Annual net purchases of gold by central banks topped 1,000 tonnes in 2022–24 after averaging less than 500 tonnes annually between 2010 and 2021. Demand has remained firm in 2025 despite record prices, with authorities adding another 415 tonnes of gold in the first half of the year.2

A recent survey of central bankers suggested their appreciation of gold is likely to hold up, with 95% saying they expect central bank gold reserves to increase over the next 12 months and 76% believing that gold will represent greater share of total central bank reserves five years from now than it does today.3

More recently, financial buyers have also gotten into the game. Physically backed gold exchange-traded funds ETFs—which capture investment demand from both institutional and individual investors—have seen strong inflows in 2025 after four years of outflows. Year-to-date net demand stood at more than 470 tonnes through early September.4

  1. Source: Bloomberg; data as of September 15, 2025. 
  2. Source: ICE Benchmark Administration, Metals Focus, Refinitiv GFMS, World Gold Council; data as of June 30, 2025. 
  3. “Central Bank Gold Reserves Survey 2025,” World Gold Council (June 17, 2025).
  4. Source: World Gold Council; data as of June 30, 2025. 

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