Gold's Hidden Role in AI: A Stable Demand Amid Minimisation Efforts

Gold's importance in the field of artificial intelligence (AI) is often overlooked, but it plays a crucial role in several key areas. From high-end chips and connectors to data centres powering AI systems, gold is used due to its reliability and conductivity.

The electronics sector accounts for around 80% of gold used in industrial applications, according to Goldman Sachs analysis. While the rapid expansion of AI has increased demand for advanced electronics and chips, it has not yet translated into a significant increase in gold consumption. In fact, technology demand for gold was 323 tonnes in 2025, virtually unchanged from 2024.

However, advances in miniaturisation mean that newer, smaller chips can require less gold or even no gold at all. This competing force is leaving the AI boom and efforts to minimise gold usage as a stable, rather than increasing, demand for gold. Data centres could open up a new avenue for gold demand with the emerging technology of co-packaged optics (CPO), which integrates optical communication components more closely with processors.