Gold purchases in Iran soared in Q2 2025 despite high global prices, driven by heightened regional tensions during a 12-day conflict with Israel, the World Gold Council (WGC) reported Thursday.
Iran recorded a 20% year-on-year increase in gold coin and bar sales — the highest level in six years. Demand for jewellery also rose 12% compared to the same period last year, WGC said.
“Iran was the outlier,” said WGC analyst Louise Street. “Consumers bought gold jewellery as a proxy investment, pushing demand despite high prices.”
Globally, however, gold coin and bar demand fell 6% compared to Q1, and jewellery demand declined 14%. The value of global gold jewellery purchases still rose 21%, as consumers “pushed their budgets” amid economic uncertainty.
Geopolitical tensions, including U.S. tariffs and conflict in the Middle East, helped sustain gold’s appeal as a safe-haven asset, WGC said.
