Gold is a strategic mineral resource with both commodity and monetary attributes. Besides being used in the manufacture of jewelry, gold has important applications in the fields of electronics, aviation and medical treatment etc., due to its good conductivity and corrosion resistance.

In 2025, LBMA spot gold averaged around 3,431.50 USD/oz, up 43.81% year-on-year. From late March, prices accelerated on escalating geopolitical conflict, Fed easing expectations, and persistent central bank buying. Prices rose to over 4,000 USD/oz in late October and kept reaching new highs.

World Gold Council data shows total global gold supply rose around 1% to over 5,000 tonnes in 2025. Mine output edged up to 3,672 tonnes, while high prices lead to around 3% increase in scrap supply to over 1,400 tonnes and making scrap a key source of additional supply in the market. Total demand grew to over 5,000 tonnes, up around 1% year-on-year. Structurally, the market showed clear divergence: central banks kept net buying, with sovereign funds and EM central banks accelerating de-dollarization, driving London premiums higher. Investment sentiment improved with the price rally, with strong inflows into bars, coins, and ETFs. Tech demand was flat. Going forward, geopolitical situations may further support risk-aversion demand.