Commodities
Gold Jewellery Demand Plunges Amid Record Prices
Record gold prices have altered the global demand map for the precious metal. According to Metals Focus, gold jewellery consumption in 2026 is projected to fall to its lowest level since the COVID-19 pandemic.
The consultancy warns that this decline could be significant enough for jewellery to lose its position as the single largest component of gold demand, being overtaken by gold bars and coins.
Gold jewellery remains the largest market in terms of raw metal value, with a total of approximately $182 billion in 2025. However, its size makes it highly sensitive to price movements.