Quick answer
In 2025, world gold demand crossed 5,000 tonnes for the first time on a total flow basis, sourced from roughly 3,672 tonnes of newly mined metal and 1,404 tonnes of recycled scrap, according to the World Gold Council
Jewelry consumption was the single largest end-use at 1,542.3 tonnes, followed by physical bar and coin investment at 1,374.1 tonnes, central bank net purchases at 863.3 tonnes, gold-backed ETF inflows at 801.2 tonnes, and technology at 322.8 tonnes. USGS Mineral Commodity Summaries estimate world mine production at 3,300 tonnes and world reserves at 66,000 tonnes. Because the total above-ground gold stock is around 219,891 tonnes, one year of mine output represents only about 1.5 percent of the metal already in existence. That stock overhang is the structural reason gold prices respond more to shifts in investment and central bank demand than to changes in annual mine flow.
Data updated: July 2026 | Reporting period: 2025 full year
What we are counting and where the numbers come from
Every reliable gold supply-and-demand table in circulation traces back to two institutional data programs. The first is the World Gold Council’s Gold Demand Trends series, which publishes quarterly and full-year tonnage figures compiled by Metals Focus. The second is the U.S. Geological Survey’s Mineral Commodity Summaries, published each February, which reports country-level mine production estimates and world reserve figures based on national geological survey data.
This guide uses the full-year 2025 figures from both sources, current as of the World Gold Council’s Gold Demand Trends full-year 2025 report and the USGS Mineral Commodity Summaries published in February 2026. Every tonnage figure below can be verified directly against those two publications.
Definitions that matter for reading the tables
The 2025 supply-demand balance on one screen
The identifiable market clears every year: what mines produce plus what recyclers deliver equals what jewelry buyers, investors, ETFs, central banks, and industry consume, plus or minus the residual OTC flow that the WGC uses to reconcile the two sides. Here is the full-year 2025 breakdown as reported by the World Gold Council.
| Category | Tonnes (2025) | Share |
|---|---|---|
| Supply | ||
| Mine production | 3,671.6 | 73.4% |
| Recycled gold | 1,404.3 | 28.1% |
| Producer net hedging | -73.6 | -1.5% |
| Demand | ||
| Jewelry consumption | 1,542.3 | 30.8% |
| Bar and coin investment | 1,374.1 | 27.5% |
| Central banks and other institutions (net) | 863.3 | 17.3% |
| ETF and similar products | 801.2 | 16.0% |
| Technology | 322.8 | 6.5% |
| OTC and stock flows | 98.6 | 2.0% |
| Total (supply = demand, including OTC) | 5,002.3 | 100% |
Source: World Gold Council, Gold Demand Trends full year 2025, Table 1. Shares calculated by Goldiew as each line divided by the 5,002.3-tonne total. Producer hedging is a negative supply adjustment: producers added forward sales during 2025, effectively removing that tonnage from the reported supply column.
Two facts jump off the table. First, 2025 was the first year on record that total identifiable demand crossed 5,000 tonnes. Second, the traditional dominance of jewelry has narrowed: bar and coin plus ETF plus central bank demand together reached 3,038.6 tonnes, roughly twice the jewelry figure. That composition would have been unusual a decade ago.
Where the demand tonnes came from in 2025
The four investment-adjacent categories (bars, coins, ETFs, and central banks) together delivered 60.8 percent of the identifiable demand in 2025. Jewelry alone accounted for 30.8 percent, and technology contributed 6.5 percent.
Jewelry: 1,542.3 tonnes
Jewelry consumption remains the single largest end-use category, but the trend in 2025 was down sharply. The USGS reported that jewelry consumption in the first 9 months of 2025 decreased by 20 percent compared with the same period in 2024, driven by high nominal prices reducing volumes even as revenue rose. India and China together account for roughly half of global jewelry demand in a typical year; when either market pulls back, the global total moves.
Bar and coin investment: 1,374.1 tonnes
Retail investment in physical bars and coins was up sharply on the year. The USGS reported that global consumption of gold in physical bars increased by 18 percent in the first 9 months of 2025 compared with 2024. This is the category that includes retail bullion purchases from major mints (U.S. Mint gold eagles and buffaloes, Royal Canadian Mint maple leafs, Perth Mint kangaroos, Austrian Mint philharmonics) and cast or minted bars from LBMA-approved refiners.
Central bank net purchases: 863.3 tonnes
Central banks were net buyers of gold for the sixteenth consecutive year in 2025. The reported net purchases of 863.3 tonnes were the third-highest annual total on record, behind only 2022 and 2023. Reported central bank buyers concentrated in emerging market monetary authorities have driven this category since 2022. Reported buying does not capture the full picture; unreported acquisitions surface later in IMF reserve filings and periodic Bank of International Settlements updates.
ETF and similar products: 801.2 tonnes
Gold-backed ETFs turned into major net buyers in 2025 after several years of net outflows. The USGS characterized global ETF investment in the first 9 months of 2025 as 619 tonnes, an increase of more than 25 times compared with the same period in 2024. The full-year WGC figure of 801.2 tonnes represents fund investors globally accumulating physically-backed shares as the gold price rose from an average of $2,388 per troy ounce in 2024 to $3,431 per troy ounce in 2025.
Technology: 322.8 tonnes
The technology category (electronics, dentistry, and other industrial applications) is small in tonnage but structurally stable. Electronics consumption was essentially unchanged year over year in the first nine months of 2025. Dentistry continued a long-running decline (down 8 percent in the first 9 months of 2025). Electronics dominance within technology reflects the use of gold plating in semiconductor bonding wires, connectors, and specialized medical devices.
The supply side: mines and recycling
Total identifiable supply in 2025 was 5,002.3 tonnes: 3,671.6 tonnes from mine production, 1,404.3 tonnes from recycling, minus 73.6 tonnes of producer net hedging that effectively removed metal from the market. Recycled supply represented 28.1 percent of the total, close to a decade-long central tendency between 25 and 30 percent.
Recycling is highly price-sensitive. In years when the gold price is elevated (as in 2025), more scrap flows out of jewelry boxes, coin collections, and industrial refineries into refiners. The WGC reported 1,404.3 tonnes for 2025, up sharply on the 2024 baseline. When prices are depressed for extended periods, as in the mid-2010s, recycled supply has run closer to 1,100 tonnes annually.
Producer hedging is the third and smallest line on the supply side. When mining companies sell forward part of next-year’s production, that tonnage is effectively released to the market ahead of time; when they close out hedges (buying back the forward sold gold), tonnage is removed from the current-year supply column. Full-year 2025 saw net additions to hedge books of 73.6 tonnes, so the supply column shows a negative producer hedging line.
The map of mine production: where the tonnes are dug
The USGS Mineral Commodity Summaries publish rounded country-level mine production estimates each February. For 2025, the top thirteen producing countries together accounted for 70 percent of estimated world output. The concentration is meaningful: the top five alone accounted for 41 percent.
| Country | 2024 (tons) | 2025e (tons) | Reserves (tons) |
|---|---|---|---|
| China | 377 | 380 | 3,200 |
| Russia | 310e | 310 | 12,000 |
| Australia | 284 | 280 | 13,000 |
| Canada | 200e | 200 | 3,200 |
| United States | 163 | 160 | 3,000 |
| Ghana | 149 | 150 | 1,000 |
| Mexico | 140 | 140 | 1,400 |
| Uzbekistan | 129 | 130 | 2,200 |
| Kazakhstan | 130e | 130 | 2,300 |
| Peru | 108 | 110 | 2,200 |
| Indonesia | 94e | 90 | 3,600 |
| South Africa | 90 | 90 | 5,000 |
| Brazil | 82e | 80 | 2,500 |
| Other countries | 1,020 | 1,000 | 11,000 |
| World total (rounded) | 3,280 | 3,300 | 66,000 |
Source: U.S. Geological Survey, Mineral Commodity Summaries 2026, gold section, published February 2026. “e” denotes estimated figures. Australia’s reserves figure of 13,000 tonnes uses the USGS scope; Joint Ore Reserves Committee-compliant reserves were reported at 4,500 tonnes.
United States domestic production in context
The USGS reported U.S. domestic mine production at 160 tonnes in 2025, down from 163 tonnes in 2024 and continuing a slow multi-year decline from 187 tonnes in 2021. Nevada accounted for about 64 percent of U.S. output; Alaska produced about 22 percent. Approximately 7 percent of domestic gold was recovered as a byproduct of copper ore processing. The top 25 U.S. mining operations yielded about 94 percent of the country’s mined gold. U.S. Treasury gold stocks were reported at 8,130 tonnes (unchanged for over half a century), valued on the government’s books at the official statutory price of $42.22 per troy ounce.
Reserves versus resources: two different tonnage figures
Reserves and resources are not the same thing, and the difference matters when reading long-run supply projections. The USGS reports world reserves at 66,000 tonnes for 2025. Reserves are the portion of identified resources that can be economically extracted with current technology at current prices. Resources include reserves plus additional identified and undiscovered deposits that are not currently economic but may become so at higher prices or with technology improvements.
The 1998 USGS National Mineral Resource Assessment estimated total U.S. gold resources at 33,000 tonnes: 15,000 tonnes identified and 18,000 tonnes undiscovered. Nearly one-quarter of the undiscovered U.S. resource was estimated to sit in porphyry copper deposits, which are not primarily mined for gold. Globally, resources exceed reserves by a substantial multiple, but resource conversion to reserves is slow and capital-intensive.
Stock versus flow: why gold is not oil
The single most important structural fact about the gold market is that annual production is small relative to the outstanding stock. The World Gold Council estimates the total above-ground gold stock at approximately 219,891 tonnes at the end of 2025. Roughly two-thirds of that has been mined since 1950. Because gold is virtually indestructible, nearly all previously mined gold still exists in some form: as jewelry, as coins, as bars in vaults, as central bank reserves, or as industrial gold in circuits and dentistry.
Divide annual mine production (3,300 to 3,672 tonnes depending on source) by the outstanding stock (219,891 tonnes) and you get an annual flow-to-stock ratio of about 1.5 to 1.7 percent. This is fundamentally different from most other commodities. Global crude oil, for example, is consumed roughly as fast as it is produced; the above-ground stock of usable oil is tiny relative to annual production. The same is true for wheat, coffee, and copper (which is partially recycled but consumed on net in electrification).
| Above-ground stock category (end 2025) | Tonnes (approx.) | Share |
|---|---|---|
| Jewelry | 97,645 | 44% |
| Bars, coins, and ETF-backed gold | 50,978 | 23% |
| Central bank reserves | 38,666 | 18% |
| Other (industrial, unaccounted) | 32,602 | 15% |
| Total above-ground stock | 219,891 | 100% |
Source: World Gold Council, “How Much Gold” data page, updated for end-of-2025 stock estimate. Shares calculated by Goldiew from the WGC breakdown. If consolidated into one cube, the entire above-ground gold stock would measure approximately 22 metres per side.
The implication for market analysis is significant. In a consumed commodity, a 5 percent change in annual production can be a major shock because there is no meaningful buffer stock. In gold, a 5 percent change in annual mine output is a 5 percent change on 3,500 tonnes: 175 tonnes, or less than one-tenth of one percent of the outstanding stock. The market clears not because the flow balances at a specific price, but because holders of the existing stock are willing to sell or hold at that price. Investment demand and central bank demand shift the willingness of stock holders far more than mine output does.
What the data can and cannot tell you
Supply and demand tables have real analytical uses. They document the composition of a completed market period, they reveal shifts in the mix of demand (as with the 2025 surge in ETF and bar-coin investment), and they show where structural drivers are moving over multi-year windows (as with the sustained central bank buying since 2022). Anyone quoting a tonnage figure in a policy paper or a commodity analysis is drawing from one of these two datasets or a downstream aggregator.
Two practical warnings about using this data. First, tonnage figures for jewelry consumption and investment shift meaningfully as data is revised. Preliminary quarterly figures can be adjusted by 5 percent or more in later revisions. Full-year figures published in early Q1 of the following year (as with the WGC’s Gold Demand Trends full year 2025 report) are more reliable than preliminary quarterly numbers.
Second, central bank reported purchases capture only what monetary authorities disclose in real time. Historical revisions have added several hundred tonnes to specific years when authorities later filed updated reserve statements with the IMF. The 863.3-tonne figure for 2025 net central bank purchases will likely be revised upward as late-reporting authorities file 2025 reserve data through 2026 and 2027.
Cross-referencing the data yourself
For readers who want to work with these figures directly, the two primary sources are freely accessible.
The World Gold Council’s Gold Demand Trends library publishes both a quarterly PDF and interactive data tables covering all identifiable supply and demand categories from 2010 forward, in tonnes. The “How Much Gold” data page maintains the above-ground stock estimate. The official reserves data is updated monthly with country-level central bank holdings.
The USGS Mineral Commodity Summaries is published each February and archived at usgs.gov. The 2026 edition covering 2025 estimates is the current release as of publication of this guide. Country-level historical mine production series going back to 1900 are available through the USGS Historical Statistics for Mineral and Material Commodities data compilation.
For readers building broader context on how these categories interact with retirement investing, our central bank gold purchases data guide covers the monetary authority buying trend in more depth. For pricing the gold you already own or are considering buying, the gold value calculator uses live spot prices to convert weight and purity into dollar values.
Common questions about gold supply and demand data
How much gold is produced worldwide each year?
World mine production in 2025 was reported at 3,671.6 tonnes by the World Gold Council and estimated at 3,300 tonnes by the U.S. Geological Survey. The two numbers differ because the WGC series includes producer hedging adjustments and net figures, while USGS presents rounded country-level mine estimates. Annual mine output has moved in a narrow band between roughly 3,200 and 3,700 tonnes for most of the past decade.
How much gold has ever been mined?
The World Gold Council estimates the total above-ground gold stock at approximately 219,891 tonnes at the end of 2025. Roughly two-thirds of that has been mined since 1950. Because gold is virtually indestructible, nearly all of it is still in existence in one form or another. That is why annual mine output of about 3,300 to 3,700 tonnes adds only 1.5 to 1.7 percent to the outstanding stock each year.
What are the largest categories of gold demand?
The World Gold Council reports 2025 demand at 5,002 tonnes (including OTC and stock flows). The four measurable end-use categories were jewelry consumption at 1,542.3 tonnes, total bar and coin investment at 1,374.1 tonnes, central bank net purchases at 863.3 tonnes, exchange-traded fund inflows at 801.2 tonnes, and technology use at 322.8 tonnes. Jewelry historically dominates but investment plus central bank demand together crossed jewelry in 2025.
Which countries produce the most gold?
According to the USGS Mineral Commodity Summaries published February 2026, the five largest producers of gold in 2025 were China at 380 tonnes, Russia at 310 tonnes, Australia at 280 tonnes, Canada at 200 tonnes, and the United States at 160 tonnes. Together these five countries accounted for 41 percent of estimated global mine production. Ghana, Mexico, Kazakhstan, Uzbekistan, and Peru rounded out the next tier.
How much gold is in central bank reserves?
The World Gold Council estimates central bank gold holdings at approximately 38,666 tonnes at the end of 2025, or about 18 percent of all above-ground gold. Central banks were net buyers in 2025 at 863.3 tonnes of net purchases. Individual central bank reserves are reported monthly to the IMF and republished by the WGC; the United States, Germany, and Italy hold the largest official reserves.
Do gold supply and demand figures predict the price?
No. Supply and demand tables describe the structure of the market for a completed period. They do not predict next year’s price. Gold is unusual because nearly all previously mined metal still exists and is potentially available at the right price, so the annual flow is a small fraction of the stock overhang. Investment demand and central bank demand are the volatile categories that drive short-term price moves, and neither is predictable in advance.
Why do WGC and USGS report different world mine production numbers?
The two organizations use different scopes and methods. The World Gold Council series (3,671.6 tonnes for 2025) is compiled by Metals Focus and includes adjustments for producer hedging and net supply calculations. The USGS Mineral Commodity Summaries figure (3,300 tonnes for 2025) is a rounded country-level estimate based on national geological survey reporting. Both are considered authoritative for their respective purposes; the direction of change year over year is more comparable than the absolute levels.
How much gold does recycling supply each year?
The World Gold Council reported 1,404.3 tonnes of recycled gold supply in 2025, roughly 28 percent of total supply. Recycling is highly price-sensitive: it tends to rise when prices are high because scrap flows out of jewelry boxes and industrial channels, and it falls when prices are weak. In lower-price years, recycling has typically run closer to 1,100 to 1,200 tonnes.
Sources
- World Gold Council, Gold Demand Trends full year 2025 report (Table 1: supply and demand statistics, tonnes). gold.org/goldhub/research/gold-demand-trends/gold-demand-trends-full-year-2025
- World Gold Council, “How Much Gold Has Been Mined” data page (above-ground stock estimate updated for end 2025). gold.org/goldhub/data/how-much-gold
- World Gold Council, Gold Reserves by Country data (central bank monthly reporting compilation). gold.org/goldhub/data/gold-reserves-by-country
- U.S. Geological Survey, Mineral Commodity Summaries 2026, gold section (world and country mine production, world reserves, published February 2026). pubs.usgs.gov/periodicals/mcs2026/mcs2026-gold.pdf
- U.S. Geological Survey, National Minerals Information Center gold statistics and information page. usgs.gov/centers/national-minerals-information-center/gold-statistics-and-information
- U.S. Geological Survey Circular 1178, National Mineral Resource Assessment (1998 U.S. gold resource assessment used in current MCS). pubs.usgs.gov/circ/1178
- International Monetary Fund, International Financial Statistics (monthly central bank gold holdings feed used by WGC reserve compilations). data.imf.org
- London Bullion Market Association, LBMA gold price archives (annual and daily average price reference used to convert tonnes into dollar values). lbma.org.uk/prices-and-data
- U.S. Securities and Exchange Commission, Investor.gov general guidance on commodities investment risks. investor.gov