Global gold demand trends to 2025: planning signals for mine project teams
Reviewed by Joe Ashwell

First reported on MINING.com
30 Second Briefing
Global gold demand is shifting structurally as record-high prices coincide with unprecedented central bank buying, with reserves tracked from 1990 to Q3 2025 against the six most-held reserve currencies. World Gold Council data compare year-on-year changes in 2024–2025 across key demand segments, including central banks, investment, jewellery and technology. A price outlook through January 2027 frames planning for miners and refiners exposed to safe-haven flows and reserve-management decisions in an increasingly fractured geopolitical environment.
Technical Brief
- Reserves comparison explicitly benchmarks gold against the six most-held global reserve currencies.
- Outlook window for price projections extends month-by-month through to January 2027.
- Time-series framing allows correlation of reserve shifts with past price shocks and monetary policy cycles.
- Segment-level demand swings give miners a basis for adjusting project pipelines and cut-off grade strategies.
- Refiners and recyclers can use the technology and jewellery demand series to plan feedstock flexibility.
- Reserve-currency comparison helps treasury teams stress-test project economics against FX and bullion price divergence.
Our Take
Gold appears in our database both as a primary metal and as a by-product in critical mineral hubs like Glencore’s DRC copper–cobalt operations, underscoring how central-bank and investment demand can indirectly influence financing appetite for polymetallic assets.
Among the 370 keyword-matched pieces on gold and rare earth, relatively few combine both commodities, so the linkage here is notable for developers of deposits (such as in Utah and broader North America) looking to straddle precious and critical mineral narratives in capital markets.
The World Gold Council’s long central-bank reserve time series out to 2025, paired with a gold price outlook through January 2027, gives project financiers a planning window that aligns with typical construction and ramp-up timelines for new gold projects in regions like Africa and Latin America in our coverage.
Prepared by collating external sources, AI-assisted tools, and Geomechanics.io’s proprietary mining database, then reviewed for technical accuracy & edited by our geotechnical team.
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