London, November 3, 2026 — The World Gold Council's Gold Demand Trends report for the third quarter of 2026 shows that total global gold demand in the third quarter reached 1,369 tonnes, down 1% year on year.
The average gold price for the quarter was US$4,262 per ounce, and the total value of gold demand measured by amount rose 22% year on year to US$188 billion.
In the third quarter, central banks and other official institutions added a net 321 tonnes to their gold reserves, up 42% year on year and marking the highest single-quarter level since the fourth quarter of 2024; reserve diversification and risk management remained the core drivers of central bank gold purchases.
From the start of 2026 to date, central banks have accumulated 675 tonnes of gold, up 6% from the same period last year.
Global physically backed gold ETFs returned to net inflows this quarter, in sharp contrast to the outflows in the second quarter, with total net inflows of 211 tonnes in the third quarter, just 6% below the strong inflow level in the third quarter of 2025, pushing total gold ETF holdings up to 4,256 tonnes, a record high.
Over-the-counter transactions and other gold demand amounted to 143 tonnes, higher than 101 tonnes in the same period last year but below the elevated levels seen earlier this year.
Investment demand for gold bars and coins fell 19% year on year to 268 tonnes.
Because the gold price trend lacked a clear direction, individual investors generally adopted a wait-and-see attitude, leading to the decline in demand.
The Chinese market was the clear exception, with gold bar and coin investment demand rising 7% year on year.
High gold prices continued to suppress jewellery demand, with global gold jewellery demand falling 17% year on year to 313 tonnes, the lowest level for a third quarter in this data series.
Consumers continued to shift toward lightweight and lower-purity gold jewellery products, but the value of global gold jewellery demand still edged higher to US$43 billion.
Technology gold demand rose 3% year on year to 85 tonnes, the highest single-quarter level since the fourth quarter of 2021.
Among this, driven by AI-related manufacturing, gold demand in the electronics sector increased 5% to 72 tonnes.
Total global gold supply fell 1% year on year to 1,369 tonnes.
Among this, mine production rose 3% year on year to 1,071 tonnes, a record high for any third quarter; despite the elevated gold price, recycled gold supply still fell 8% year on year to 314 tonnes, the lowest level since the fourth quarter of 2023.
Louise Street, senior markets analyst at the World Gold Council, commented: "Global gold demand in the third quarter showed an overall divergent pattern. Geopolitical risks and market concerns about fiscal sustainability drove institutional funds to flow back into gold ETFs in a big way; individual investors, however, mostly stayed on the sidelines because of uncertainty over the gold price trend. Official institutions continued large-scale gold purchases, and central bank buying remained an important pillar of gold demand."
"Looking ahead to the gold market through the end of the year, bullish and bearish factors are broadly balanced. Although rising interest rates and diverging inflation expectations may pressure the gold price, the mix of geopolitical risks and financial market stress may prompt market participants to turn to gold in search of stability."
The Gold Demand Trends report for the third quarter of 2026 includes comprehensive data provided by Metals Focus, and readers are welcome to click here to view it.
Key data from the Gold Demand Trends report for the third quarter of 2026: The LBMA afternoon gold price averaged US$4,262 per ounce in the third quarter, up 23% year on year, the third-highest quarterly average on record. Total global gold demand (including over-the-counter transactions): down 1% year on year to 1,369 tonnes. Global gold investment demand (excluding over-the-counter transactions): 479 tonnes. Global gold bar and coin demand: 268 tonnes. Global gold ETFs: net inflows of 211 tonnes, with total global holdings rising to 4,256 tonnes, and third-quarter inflows also setting a new high of US$31 billion. Global central bank gold demand: up 42% to 321 tonnes, far above the five-year quarterly average. The People's Bank of China added 63 tonnes, making it the largest buyer this quarter. Global gold jewellery consumption demand: demand fell to 313 tonnes; however, the value of gold jewellery consumption rose 2% year on year to US$43 billion. Global technology gold demand: up 3% year on year to 85 tonnes.
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