Consumer demand for gold in the Middle East as a whole slowed during the third quarter of 2025, but remained close to last year's levels, according to a report by the World Gold Council (WGC).
The data shows that total consumer demand in the region reached approximately 62.17 tonnes in Q3 2025, down about 12% compared to the second quarter, but nearly stable year-on-year (+1.9% compared to Q3 2024).
Specifically, demand for jewelry in the Middle East recorded about 33.84 tonnes in Q3 2025, declining by about 15% quarter-on-quarter, and also decreasing year-on-year by about 5.7%.
This was primarily due to noticeable pressures, including high prices, weaker consumer liquidity, and the re-emergence of the phenomenon of "selling old gold" instead of purchasing new.
Meanwhile, investment demand remained relatively firm, with purchases of bars and coins at 28.33 tonnes, a limited quarterly decline ($-8.5\%$) but still higher year-on-year by approximately $12.7\%$. This signifies that a large portion of the regional gold demand has become more defensive/savings-driven rather than ornamental.
The Council noted that total global gold demand—including Over-The-Counter (OTC) trading—increased by 3% year-on-year to 1,313 tonnes, which is the highest quarterly level since data recording began.
The report also mentioned that gold prices registered 13 new record highs during the third quarter, rising by 16% to average $3,456.54 per ounce, marking a 40% increase year-on-year.
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