Global gold sales reach 12-year high in first half of 2025
The company has already sold 1.42 tons of gold this year
Mennica Skarbowa has already sold over 1.4 tons of investment gold in the first half of 2025, marking one of the company’s best results in its history. During this period, the company’s revenues rose to PLN 577 million, compared with PLN 383 million recorded in the same period last year. Globally, in terms of volume, demand for gold bars and investment coins remained strong in the second quarter, reaching 307 tons – an 11% increase year-on-year. However, compared to the previous quarter, there was a 6% decline. Demand still remains 6% above the five-year quarterly average of 290 tons. What is more, the entire first half of 2025 brought the strongest result since 2013. In the opinion of the Management Board of Mennica Skarbowa, the price of gold this year may exceed USD 3,500 per ounce.
The second quarter of 2025 saw gold prices reach new record levels. According to LBMA (PM), the average price per ounce during this period was USD 3,280.35 marking a 1% increase quarter-on-quarter and as much as 40% rise year-on-year. Globally, demand for gold bars and investment coins remained very strong, totaling 307 tons – 11% higher than the same period last year. This marked the best first half of the year for the global investment gold market since 2013.
– We are observing strong demand for gold investment products in the Polish market despite high prices. In the first half of this year, our company sold over 1.42 tons of gold and 2.8 tons of silver. Poles are very keen to buy small amounts of gold, as this means lower one-time expenses, and at the same time such products are easy to sell worldwide or exchange for goods. Gold prices are unlikely to fall, driven not only by macroeconomic factors but, above all, by ongoing armed conflicts in various regions of the world, including near our eastern border. My prediction is that the price of this precious metal may exceed another level this year, which is USD 3,500 per ounce. It is worth noting that products manufactured by KGHM have also been very popular among our customers recently. Poles have taken a liking to ‘Polish gold’ – comments Jarosław Żołędowski, President of the Management Board of Mennica Skarbowa.
According to analyses conducted by the World Gold Council, China was the largest market in terms of sales in the first half of 2025. The country’s demand for gold bars and coins reached 115 tons in the second quarter, marking a 44% increase year-on-year. This result was driven by growing economic concerns in China, which enhanced gold’s appeal as a safe-haven asset, rising gold prices amid low interest rates, and the ongoing accumulation of gold by the People’s Bank of China (PBoC). Meanwhile, declines were recorded across the Atlantic. US investment demand for gold saw sharp double-digit declines both on a The scale of the decline was so significant that the value of investments fell by 35% y/y to a level of USD 929 million. It was one of only two markets in the world to see a decline in demand in the second quarter, regardless of market volume.
European markets, on the other hand, showed a distinctly opposite trend. Average gold demand in the region rose sharply, more than doubling to 28 tons year-on-year. While this partly reflects a decline recorded in Q2 2024, demand has visibly revived in recent quarters. Germany once again led this trend, with investor interest fueled by high price expectations and growing macroeconomic uncertainty.
Mennica Skarbowa’s results further highlight the strong appetite for gold among Poles. In the first half of this year, the company reported revenues of PLN 577 million, compared with PLN 383.5 million generated in the same period last year, representing an increase of over 50%.
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Mennica Skarbowa – Poland’s largest dealer of investment gold and other precious metals, listed on NewConnect, the alternative market of the Warsaw Stock Exchange. The company’s main business area is the sale of investment gold (bars and bullion coins), as well as other precious metals and diamonds and collectibles. The company’s products can be purchased in 15 branches: in Bialystok, Bydgoszcz, Gdansk, Kalisz, Katowice, Kielce, Cracow, Lublin, Lodz, Poznan, Rzeszow, Szczecin, Warsaw, Wroclaw and Zielona Gora, as well as at the newly opened point of sale in Częstochowa and through the website: mennicaskarbowa.pl.
