Gold Demand Hits USD 566 Billion In First Nine Months Of 2026, Says WGC

Mine production hit a third-quarter record of 1,071 tonnes, while recycling fell to its lowest level in three years

November 3, 2026

Gold ETFs reversed second-quarter outflows and added 211 tonnes, with the WGC citing concerns over fiscal sustainability and inflation

Central Banks Buy 321 Tonnes Of Gold In Q3, Taking 2026 Purchases To 675 Tonnes

Central banks bought 321 tonnes of gold in the third quarter of 2026, well above recent typical quarterly levels, taking their purchases for the year so far to 675 tonnes, up 6 per cent year-on-year, according to the World Gold Council (WGC).

The WGC said the strong central bank buying came even as high prices dampened jewellery consumption and demand for bars and coins across global markets. Having seen the stronger-than-expected purchases in the July-September quarter, it now expects central bank buying this year to at least match 2025 levels.

Overall gold demand, including over-the-counter (OTC) investment, was 1 per cent lower year-on-year at 1,369 tonnes in Q3. Cumulative demand for the first nine months of 2026 stood at 3,881 tonnes, almost matching the record 3,884 tonnes recorded in 2025. In value terms, year-to-date demand reached a record USD 566 billion.

The LBMA (PM) gold price averaged USD 4,262 per ounce in Q3, the third-strongest quarterly average on record and 23 per cent higher than a year earlier.

Investment demand showed mixed trends. Gold exchange-traded funds (ETFs) reversed the outflows of the second quarter and added 211 tonnes in Q3. The WGC said the inflows appeared to be driven by growing concerns over fiscal sustainability and inflation, among other factors. Demand for bars and coins fell 19 per cent year-on-year to 268 tonnes, as investors waited for a clearer price trend.

Jewellery demand fell 17 per cent year-on-year to 313 tonnes, the weakest third-quarter figure in the WGC’s data series. Its value, however, edged up 2 per cent to USD 43 billion. Gold consumption in technology rose 3 per cent, as demand linked to artificial intelligence-related manufacturing more than offset the impact of high prices.

On the supply side, mine production rose 3 per cent year-on-year to 1,071 tonnes, a third-quarter record. Total supply fell 1 per cent to 1,369 tonnes, while recycling dropped 8 per cent to 314 tonnes, its lowest level in three years.

Looking ahead, the WGC expects demand for ETFs, bars and coins to remain resilient, although it may face competing market pressures. Jewellery demand is likely to moderate further while prices stay high, it said, and recycling is expected to remain largely unresponsive to elevated prices.

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