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Global gold demand remained broadly steady in the third quarter of 2026, with increased central bank purchases and strong inflows into gold-backed exchange-traded funds (ETFs) helping to offset declines in jewellery consumption and bar and coin investment.
Total gold demand, including over-the-counter (OTC) investment and stock changes, fell 1% year-on-year to 1,369 tonnes, according to the report provided. Demand for the first nine months of 2026 reached 3,881 tonnes, broadly matching the record level recorded in 2025. Its value, however, climbed to a record US$566 billion.
Central bank gold purchases rose to 321 tonnes in the third quarter, led by China and Poland. The increase lifted year-to-date central bank demand to 675 tonnes, 6% higher than in the corresponding period of 2025.
Gold-backed ETFs also recorded a strong recovery, adding 211 tonnes during the quarter after experiencing outflows in the second quarter. Broad-based buying pushed total holdings to a record 4,256 tonnes, while quarterly inflows reached a record US$31 billion.
In contrast, investment in gold bars and coins fell to 268 tonnes, its lowest quarterly level in four years. The report attributed the decline to rangebound gold prices that discouraged fresh purchases. Despite the quarterly drop, year-to-date bar and coin demand remained at its highest level in 13 years.
Jewellery consumption was also affected by elevated gold prices, falling 17% year-on-year to 313 tonnes. This was the weakest third-quarter level in the report’s data series. However, the value of jewellery demand increased by 2% to US$43 billion, reflecting the impact of higher prices.
On the supply side, total gold supply declined by 1% year-on-year to 1,369 tonnes. Mine production reached a third-quarter record of 1,071 tonnes, but this was offset by an 8% fall in gold recycling to 314 tonnes, its lowest level in three years.
For the remainder of 2026, the report expects continued inflows into gold ETFs, resilient bar and coin investment and strong central bank purchases to support overall demand growth.
Technology-related gold demand is expected to remain firm, while high prices are likely to continue weighing on jewellery consumption. Mine production could reach another annual record, although subdued recycling is expected to result in a modest decline in total gold supply.
