The opposite was true of demand measured in value terms, with all markets seeing an increase as the higher gold price more than offset the volume decline
According to World Gold Council data released on Thursday, jewellery demand fell from 34.7 tonnes in 2024 to 29.4 tonnes last year, while demand in the fourth-quarter of 2025 also slipped 15 per cent to 7.5 tonnes.
Data showed that the gold bars and coins segment bucked the trend, with annual demand growing 24 per cent in 2025, totalling 14.8 tonnes as residents shifted to gold coins and bars, expecting the price rally to continue.
Overall, gold demand for gold – including bars, coins and jewellery – fell four per cent year-on-year to 44.2 tonnes in the UAE last year.
Interestingly, demand increased quarter-on-quarter in the fourth quarter of 2025 to 11.7 tonnes compared to 9.7 in Q3 2025 in the Emirates.
Globally, jewellery demand volumes declined year-on-year in all markets across the globe – unsurprising in the context of gold’s multiple all-time highs throughout 2025.
The opposite was true of demand measured in value terms, with all markets seeing an increase as the higher gold price more than offset the volume decline.
The remarkable gold price rise in 2025 inevitably imposed affordability constraints on jewellery consumers the world over. It did not, however, stifle consumer appetite for jewellery – as evidenced by the sharp jump in demand value during the year, with consumers spending a larger share of their wallet on gold.
Record gold demand
Global gold demand surpassed 5,000 tonnes for the first time in history, despite the precious metal hitting a record high consistently, according to the World Gold Council’s 2025 data released on Thursday.
A record fourth quarter set the seal on a stellar year as continued geopolitical and economic uncertainty propelled hefty investment in gold with an annual value of $555 billion (Dh2.03 trillion).
Global investment demand reached a landmark level of 2,175t and was the main driver behind gold’s remarkable and record-breaking year. Across the world, investors seeking safe havens and diversification piled into gold ETFs, adding 801t throughout the year. Investors also bought bullion with global bar and coin demand reaching 1,374 tonnes or $154 billion in value terms. The two major markets, China, recorded significant gains, making up more than 50 per cent of demand in the category, growing 28 per cent and 17 per cent year-on-year, respectively.
Central bank demand remained elevated in 2025, with the official sector adding 863 tonnes of gold. While annual demand was below the 1,000 tonnes mark surpassed in the previous three years, central bank buying remained a prominent and additive factor in the global gold demand picture.
“2025 saw surging demand for gold and rocketing prices. Consumers and investors alike bought and held gold in an environment where economic and geopolitical risks have become the new normal. Investment demand stole the show as investors raced to access gold through all available routes, but other segments played a supporting role,” said Louise Street, senior markets analyst from the World Gold Council.
“With economic and geopolitical instability showing little sign of retreat in 2026, momentum from last year’s strong gold demand is likely to persist,” she added.
Source: www.khaleejtimes.com