Gold Spot commodity fundamentals

New mine production and recycled gold add supply. Jewellery, bars and coins, official reserve purchases and technology create different demand channels. These annual flows are different from the gold already held above ground.

Gold forms part of some countries’ official reserve assets. The holdings panel measures reported physical quantities, rather than their changing market value. Country ownership is different from the location of the vault.

No. The four cards describe selected channels of annual 2025 gold demand, using total demand including over-the-counter activity as the denominator. They do not describe all gold ever mined. The four channels do not total 100% because other demand channels remain outside these cards.

No. Reserves are deposits estimated to be economically recoverable under current conditions. Mining, processing, costs and time separate those deposits from refined metal available for use. Reserves can change with discoveries, prices and technology.

The earliest displayed source coverage begins in 1900. Start dates differ by metric; one indicator’s coverage does not apply to every chart. Full available history is the default view, with shorter views available from the History selector.

iPulse AI refreshes these fundamentals monthly. Source releases may be annual, monthly or weekly, so each record keeps its own observation date and publication status. A refresh date does not mean every underlying observation is new.

These charts focus on physical fundamentals such as mine output, economically recoverable reserves, reported holdings and selected uses. Quantities and percentages retain their source units; they are different from the market price shown elsewhere on the asset page.

Reported estimates can be revised as sources obtain better information. Forecasts, where available, are shown separately with dashed chart segments and are not realized outcomes. Missing observations are not converted to zero, and each metric retains its source and scope.