Discover how and why gold demand surged across Europe in 2025 as investors sought safe-haven assets amid eurozone uncertainty and record-high prices.

Gold Demand in Europe 2025: Trends and Investor Insights

Gold Demand in Europe: What Are The Trends?

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The drivers of this surge include record-breaking gold prices, investor appetite for safe-haven assets in a changing world, and uncertainty around the euro and other currencies.

The latest World Gold Council’s Gold Demand Trends report shows there is more going on than this surge alone. For example, gold demand in Europe has grown sharply even as jewellery consumption is declining, and gold bar and gold coin purchasing in particular is increasing across Germany, Switzerland and the UK.

In this article, we’ll break down the report’s headlines and answer some of your questions about what 2025’s trends mean for investors. Why are ECB policies relevant for gold demand? Does the euro crisis affect gold buying in Europe? What should investors do if gold demand in Europe is growing?



European Gold Consumption: the Continent Turns Back to Gold

Chart from World Gold Council

Gold has rarely been more prominent as an asset class for investors in Europe than in 2025.

The World Gold Council data shows total global demand reaching a record 

1,313 tonnes in the third quarter of 2025

, up 3% year-on-year. Put that in value terms and the increase was even more striking – 

. A fourth successive quarter of gold bar and coin purchasing of 316 tonnes fuelled this rise in overall demand.

in particular, the bar and coin demand rose 

Germany remained the powerhouse of private gold investment. But the 

 as investors look to diversify beyond traditional savings amid continued currency fluctuations and changing markets.

Behind these numbers lies a telling shift: Europeans are buying gold less as adornment and more as 

With the euro at its weakest in nearly a decade and inflation pressures lingering, investors across the continent have been turning to physical gold and ETFs to store their wealth. It’s a strategic choice.



section from World Gold Council table showing the total bar and coin demand in selected countries, in tonnes

 in the third quarter of 2025, with a total of 537 tonnes of bars, coins, and gold-backed ETFs purchased. The UK and continental Europe played a significant role in one of the strongest quarterly figures in recent years. The region’s bar and coin investment 

Much of this rise was concentrated in September, as 

 surged to new record highs. This trend continued into October, when the price surpassed 

Persistent geopolitical and economic uncertainty also drove this European investment. The World Gold Council even said ‘FOMO’ (fear of missing out) was another cause of the safe haven flows in September and October.

An acceleration in investment demand across 

formats affected gold’s record-breaking price rise – bars, coins and 

(exchange-traded funds, also known as paper gold).

Together, these figures underline the scale of Europe’s contribution: the continent accounted for nearly 

The data suggests a clear pattern: across Europe, investors and households are reacting to persistent uncertainty in both 

 Ongoing concerns about debt levels, political fragmentation, and sluggish growth have kept gold’s “safe-haven” appeal alive.

 European inflation has eased from previous highs, but levels remain above the target in many nations.

 After years of tightening, expectations of rate cuts and worries about the central bank’s ability to stabilise growth have pushed investors away from ‘gold derivatives’ such as ETFs towards physical gold. See more here: 

ECB Sounds the Alarm: Is the Gold Market at Risk?

A Tale of Two Gold Markets: Jewellery vs. Investment

section from a World Gold Council table showing jewellery demand in selected countries in tonnes

It’s time to turn our attention to a broader trend in the report: while gold investment is thriving, jewellery demand has struggled under the weight of high prices.

 in the third quarter of 2025, the weakest level since 2020. The UK, France, and Italy all recorded 

. However, consumers spent more overall, indicating that gold jewellery remains a symbol of prestige and value.

The World Gold Council’s data suggests a cultural shift. Europeans are buying fewer gold items, but they are increasingly choosing 

World Gold Council chart showing the demand from central banks in 2025.

The British Perspective: Confidence in Tangible Value

UK investors have shown renewed interest in 

. With slow economic growth, high living costs, and weak currencies, they are choosing 

Just look at the figures: gold bar and coin demand in the 

 in the third quarter of 2025 compared to last year, reaching 

British demand mirrors the wider European pattern. Investors are moving towards 

, often viewed as affordable entry points into the gold market. GOLD AVENUE offers a 

 is not an active participant in recent central bank gold purchases, private investors are doing what central banks have long done: holding gold as a strategic hedge.

 page to find out how you can follow the increased investment trends outlined in the World Gold Council’s recent report.



Conclusion: Gold as Europe’s Safe Haven in a Time of Crisis

 has taken centre stage as a hedge against political and monetary uncertainty. The result has been an increase in demand across both institutional and retail segments, from ETFs to physical bullion.

 patterns are shifting dramatically. While jewellery volumes declined across major markets such as France, Italy, and the UK, investment demand for bars and coins more than compensated for the drop.

 for investment now accounts for a far larger share of the global total than just a year ago, underlining gold’s renewed role as a 

One final takeaway from the report: while the gold market is currently powered by “FOMO flows”, much of this activity reflects 

genuine, strategic positioning by European investors

High inflation and economic uncertainty have boosted gold demand across Europe in 2025.

Q: Why are ECB policies relevant for gold demand?

ECB reserve management and monetary policy directly influence investor confidence and gold buying behaviour in Europe.

Q: Does the euro crisis affect gold buying in Europe?

Yes, the euro crisis increases gold demand as investors seek a safe-haven hedge against eurozone instability.

Q: What are the latest trends in European gold consumption?

European gold consumption is shifting from jewellery to investment, with bar and coin demand rising while jewellery volumes fall.

Q: Why is gold seen as a safe haven in Europe?

Gold can protect savings from inflation, currency weakness, and market volatility, making it a trusted euro crisis safe haven.

Q: How are central banks influencing gold demand in Europe?

European central banks, including Poland and the Czech Republic, are increasing gold holdings to diversify reserves and strengthen stability.

Q: What drives gold investment in Europe today?

Investors are buying more gold to hedge against inflation, diversify portfolios, and protect wealth from euro and market volatility.

Q: Is gold still a good investment for Europeans in 2025?

Yes, gold investment in Europe remains strong as both retail and institutional investors seek stability amid uncertain ECB policies.

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