The World Gold Council’s latest quarterly data shows resilient investment demand, stronger central-bank buying and record ETF holdings—even as high prices reduce jewellery and bar-and-coin volumes.
Global gold demand remained close to historic levels in the third quarter of 2026, according to the World Gold Council’s Gold Demand Trends report published on 3 November. Total demand including over-the-counter activity was 1,369 tonnes, 1% below the same quarter of 2025, while the value of demand rose 22% year on year to US$188 billion.
Central banks and ETFs provided the strongest support
Central banks added 321 tonnes during the quarter, 42% more than a year earlier and well above the five-year quarterly average. Purchases during the first nine months reached 675 tonnes. The Council expects full-year official-sector buying to at least match 2025 after stronger-than-expected third-quarter activity.
Gold-backed ETFs recorded inflows of 211 tonnes, lifting global holdings to a record 4,256 tonnes. The resilience of ETF demand was notable because it occurred alongside higher bond yields and a stronger US dollar—conditions that can increase the opportunity cost of holding an asset that does not pay interest.
High prices changed what consumers bought
Jewellery demand fell 17% year on year to 313 tonnes, while bar-and-coin demand declined 19% to 268 tonnes. In value terms, however, jewellery spending still increased. The data points to a familiar high-price pattern: buyers may spend similar or larger amounts but receive less metal, choose lighter products, or delay discretionary purchases.
Supply grew only modestly
Mine production increased 3% to a third-quarter record of 1,071 tonnes, but recycling declined 8% to 314 tonnes. The World Gold Council expects annual mine output to reach another record in 2026, while subdued recycling keeps the total supply response measured.
What this means for bullion buyers
- Investment flows and central-bank diversification remain important structural demand drivers.
- Interest rates, bond yields and the US dollar can still create significant short-term price pressure.
- High prices can reduce the number of grams purchased even when the amount of money allocated to gold remains firm.
- Buyers should review the live NPR rate, fees, taxes and final gram quantity before confirming any order.
This article is a factual market summary for education only. It is not investment advice, a price forecast or a recommendation to buy or sell gold.