Step aside, central banks. Investors are increasingly the power players in gold buying, keeping the fire going under the precious metal’s historic rally. Total gold demand in 2025 exceeded 5,000 metric tons for the first time ever — an “unprecedented value” of $555 billion and a 45% increase from the previous year, the World Gold Council reported in a survey of fourth-quarter and 2025 trends released Thursday. Global gold exchange-traded fund holdings grew 801 metric tons, marking the second-strongest year on record, and purchases of 174.6 metric tons in the fourth quarter marked a 756% surge over the year-ago ... (full story)