Central banks bought about 320 tonnes of gold in the third quarter, up 42 percent from a year earlier, according to the World Gold Council’s quarterly Gold Demand Trends report. Their buying offset falls in jewellery and retail investment.
Year to date, central bank purchases total 675 tonnes, 6 percent more than in the same period of 2025. The council expects 2026 central bank buying to at least match 2025 levels.
Jewellery and retail demand weaken
Jewellery consumption fell 17 percent to 310 tonnes in the quarter.
Bar and coin demand dropped 19 percent to 270 tonnes. ETF inflows reached 210 tonnes, but were 6 percent lower than a year earlier and reversed outflows seen in the second quarter.
Supply and recycling
Mine production rose 3 percent to 1,070 tonnes, a third-quarter record. Recycling fell 8 percent, to a three-year low, and has stayed largely unresponsive to high prices.
Total gold demand, including over-the-counter trading, came to 1,370 tonnes, down 1 percent. Year-to-date demand stands at 3,880 tonnes, with a value of 566 billion dollars, a record.
Source: World Gold Council
