Morning Bites

🏆Global physical gold demand decreased 11% YoY to 1,174t in 4Q25 (but was up 38% in value terms, as gold prices surged 55% YoY in 4Q25), vs. the 2% YoY decline in 3Q25, per World Gold Council data. Specifically, gold jewellery demand decreased 19% YoY in 4Q25, while official central bank purchases dropped 37% YoY from a high base. Among other key demand segments, robust growth was recorded in Bars&Coins (+30% YoY)

Meanwhile, despite lower physical purchases, total global gold demand was up 1% YoY in 4Q25 in volume terms, and +56% YoY in value terms, amid solid inflows into global ETFs. World mined gold output also grew 1% YoY in 4Q25

#gold