Gold Demand Trends: Q3 2026

Total Q3 gold demand, including OTC, was 1% lower y/y at 1,369t. On a y-t-d basis, demand of 3,881t virtually matches the 2025 record (3,884t), while value set a record of US$566bn.

Central bank buying jumped to 321t in Q3, eclipsing recent typical quarterly buying levels and lifting y-t-d demand to 675t (+6% y/y).

Gold ETFs reversed course following the Q2 outflows, adding 211t in Q3. The inflow seemed to be driven by mounting concerns over fiscal sustainability and inflation, among other things.

Bar and coin investors were more circumspect; global demand was 19% lower y/y at 268t as investors waited for a clearer price trend to emerge. 

Jewellery demand fell 17% y/y to 313t, the weakest third quarter in our data series, as high prices remained a headwind across all markets. Demand value edged up 2% y/y to US$43bn.

Gold used in technology increased 3% y/y in Q3 as demand generated by AI-related manufacturing more than offset the limiting effect of high gold prices.