Gold demand vs Price

I am not able to cross post this. but. images are here: [https://www.reddit.com/r/Gold/comments/1r5ed4q/gold\_demand\_as\_per\_wgc\_report\_price\_driver/?utm\_source=share&utm\_medium=web3x&utm\_name=web3xcss&utm\_term=1&utm\_content=share\_button](https://www.reddit.com/r/Gold/comments/1r5ed4q/gold_demand_as_per_wgc_report_price_driver/?utm_source=share&utm_medium=web3x&utm_name=web3xcss&utm_term=1&utm_content=share_button) As a follow up to my post on r/gold from yesterday, I did some further digging on the demand and consumption of gold. This document is where I got the images from. [https://www.gold.org/download/file/20424/Gold-Demand-Trends-Q4-FY-2025.pdf](https://www.gold.org/download/file/20424/Gold-Demand-Trends-Q4-FY-2025.pdf) [https://www.gold.org/download/file/20399/China\_monthly\_update\_Dec\_20260115l.pdf](https://www.gold.org/download/file/20399/China_monthly_update_Dec_20260115l.pdf) **Further Data on the demand side:**   The global demand remains slightly elevated on tonnage (about 1% increase over 2024), but the demand has increased moderately by approx 5% over 2019. In 2024, 2025, demand grew very slightly. However, price went up 65% in 2025, while demand was not changed with respect to 2024. **Lets look at where the metal is flowing in comparison to 2024.** Gold Jewellery fabrication is down -19%. The technology use of gold is relatively flat - no change almost. However, the investment category grew by 84%.  Central Banks and other Institutions purchases in 2025 is down by another 21% from 2024. This tells that retail investment is driving the the demand. However, what drives the price is still unclear, because as the overall demand increased slightly 1% from 2024 to 2025. **What investments are driving the volume?** Another chart from the same document, tells where the investment demand is going. It is mainly the ETFs in US, plus coin purchases in EU and US. The sum of these could approximately reach the 1000T difference from 2024.   **What do you think, what is driving the prices** \- (65% price increase for 1% increase in demand)? Looks, there is increased drive towards gold as an investment, which can be attributed to retail investors. Interestingly, the trade volume in SHFE is up sharply in 2024 and 2025, as per the other document from WGC. Is it just options driving the price? EDIT: Feel free to let me know if I had made a mistake in the data. It could be that I made a mistake, check it out yourselves too.