Page 18 - Bullion World Volume 03 Issue 07 July 2022

Bullion World | Volume 5 | Issue 09 | September 2025
Increasing

Demand:

Price Thrust

and Demand

for Gold and

Silver in 2025

Coauthored by Prof. Sundaravalli
Narayanaswami, Chairperson-IGPC Prof. Sundaravalli Narayanaswami
& Dr. Aparna Raj, Post Doctoral Fellow IGPC

Precious metals, especially gold and silver, are often
considered at the juncture of economic stability,
cultural tradition, and financial strategy. They reflect
more than commodity price movements by signalling
shifts in macroeconomic confidence, investor
sentiment, and policy choices. The first half of 2025
has been marked by unparalleled market activity in
both metals, as gold achieved a series of record highs,
while silver staged one of its strongest rallies in over a
decade, mainly owing to its importance in photovoltaics
and electronics. These developments demand a review
of recent price dynamics and a deeper examination of
demand drivers across key consuming nations in Asia
– China, India, and Japan. This is an integrated analysis
of gold and silver price trajectories, forward-looking
forecasts, and country-specific demand narratives,
drawing upon data from the World Gold Council, the
Silver Institute, and leading financial media to situate
current trends in their historical and policy contexts.
Dr. Aparna Raj

Source:
1. Gold Demand Trends: Q1 2025, World Gold Council, https://www.gold.org/goldhub/research/gold-demand-trends/gold-demand-trends-q1-2025
2. Gold Demand Trends: Q2 2025, World Gold Council, https://www.gold.org/goldhub/research/gold-demand-trends/gold-demand-trends-q2-2025
3. Will gold prices break $4,000/oz in 2026?, J. P. Morgan Global Research, https://www.jpmorgan.com/insights/global-research/commodities/gold-prices
4. Mukherjee, A. A. (2025). Silver surges past $35/oz level to hit a more than 13-year high. Reuters, https://www.reuters.com/business/silver-surges-
past-35oz-level-hit-more-than-13-year-high-2025-06-05/#:~:text=June%205%20(Reuters)%20%2D%20Silver,ongoing%20supply%20deficits%2C%2-
0analysts%20said.

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