Overview

• Gold has hovered around $3,300 per ounce on August 3, marking a near doubling since 2022.
• The World Gold Council projects further gains in the second half of 2025, and Goldman Sachs anticipates prices could reach $4,000 by mid-2026.
• Central bank purchases have averaged about 1,000 tonnes annually in recent years, with Poland leading sovereign buying in 2025 at over 48 tonnes.
• Jewellery makers’ gold demand fell from 435 tonnes in Q1 to 356 tonnes in Q2 2025 under elevated prices, even as retail jewellery sales set records in 2023–24.
• Germany’s gold reserves, valued at €270 billion at the end of 2024, remain primarily stored in New York (1,236 tonnes) and London (405 tonnes) for security and liquidity.