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Swiss gold exports to Türkiye increased 20% in December to 9.3 tons, while global gold demand reached an all-time high of 5,002 tons in 2025, and Turkish central bank reserves climbed to a record $215.6 billion, reflecting heightened safe-haven demand amid geopolitical tensions.
Switzerland's gold exports rose 27% month-on-month in December, with shipments to Türkiye climbing from 7.74 tons in November to 9.33 tons—a 20% increase.
According to Swiss customs data, total gold exports reached 138.98 tons in December, compared to 109.52 tons in November and 128.42 tons in December 2024.
Shipments to the United Kingdom showed the most dramatic increase, surging from 45 tons in November to 101 tons in December—the highest level since August 2019.
Meanwhile, no gold was shipped to China in December as record prices suppressed Asian demand. China received 12.01 tons in November and 4 tons in December 2024. Shipments to India remained flat at 1.9 tons.
Other destinations included Germany (2.48 tons), France (10.89 tons) and the United States (5.82 tons). U.S. shipments surged from just 168 kilograms in November.
Global gold demand rose 1% to an all-time high of 5,002 tons in 2025, driven by increased safe-haven demand amid geopolitical tensions and weakening confidence in the dollar, according to the World Gold Council.
"Combined with the record-breaking run in the gold price—setting 53 new all-time highs during the year—this yielded an unprecedented value of $555 billion (over 45% year-on-year)," the council said.
Investment demand for gold rose 84% year-on-year to 2,175 tons. Inflows into exchange-traded funds reached 801 tons, surpassing jewelry demand for the first time.
Gold jewelry demand fell 18% due to the sharp rise in prices, with China's jewelry demand dropping 24% to its lowest level since 2009.
Global demand for bullion and coins rose 16% to 1,374 tons, with China and India accounting for more than 50% of the increase.
Spot gold prices reached a record $5,594.82 per ounce. Gold prices climbed 24% in January alone, driven by safe-haven demand, with a 64% increase over the full year 2025.
Total annual gold supply rose 1% to a record 3,672 tons, with recycling activities increasing supply by 3% to 1,404 tons—considered a relatively modest response to the 67% price increase.
Central bank gold purchases dropped 21% from 1,092 tons to 863.3 tons, though the World Gold Council noted purchases remain at historically high levels.
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