Donald Trump’s tariff uncertainty is bringing the gold price on the rise, from the lows at the end of July. It is a continuation of a trend that highlights a dynamic global gold market, with demand reaching a record $132 billion despite only a modest year-on-year rise in physical gold volumes. As previously, gold established itself as a safe haven against uncertainty and demand for investment soared.
According to the World Gold Council’s Q2 2025 Gold Demand Trends report, there was a sharp increase in the gold price, averaging $3,280.35 per ounce in the last quarter, a 40% jump year-on-year and 15% quarter-on-quarter, as investors sought safe havens amid global trade policy uncertainty, geopolitical tensions, and strong price momentum.
Total gold demand rose 3% year-on-year to 1,249 tonnes, with a high increase from investment (up 78% year-on-year) and continuing, though somewhat slower, central bank buying. Investment demand soared, with bar and coin pur...