Gold Demand Trends: Q3 2026
Q3 total gold demand was broadly steady - 1% lower y/y at 1,369t, while the value of demand rose 22% to US$188bn. Institutional and strategic buyers stepped up: central banks added 321t, up 42% year-on-year, and gold ETFs returned to strong inflows of 211t, lifting holdings to a record 4,256t. By contrast, bar and coin demand fell 19% to 268t given the lack of a clear trend in the gold price, while jewellery demand fell 17% to 313t as gold prices remained high. Technology demand rose 3% to 85t, its highest level since Q4 2021, supported by AI-related manufacturing.
Central Bank Gold Statistics: Central banks continue summer spree in August
Global central banks remain on pace with gold accumulation this August, with reported net buying totalling 39t. Large, consistent buyers of gold in 2026 showed continued activity in the month, with China taking the lead, followed by Uzbekistan and Poland.
You asked, we answered: Why are central banks moving their gold reserves
On 2 September, De Nederlandsche Bank (DNB) announced that it had transferred approximately 86t of gold from New York and Ottawa to London. The announcement highlights a broader shift in central bank thinking on where gold reserves should be stored to balance security, accessibility and liquidity.
Central Bank Gold Statistics: Central banks make positive headlines on gold
Central banks continued their gold accumulation in July with net buying reported at 23t. Emerging markets have also continued to accumulate gold this month with China (20t) and Poland (8t) taking the lead. On a y-t-d basis, central banks reported purchases have totalled around 130t of gold. This compares to a reported ~160t which was purchased over the same period last year.
You asked, we answered: Markets may not buy the buybacks
In response to a relentless rise in longer-term bond yields, the US Treasury announced that they were increasing their ‘buybacks’ of longer-term Treasuries to stem the rise. Yields dropped, as did the dollar and gold rallied 3%. This is not yield-curve control (YCC) but it might be a step in that direction, as Mohamed El-Erian remarked following the announcement. Here’s our take on what it means.
Central bank gold statistics: June 2026
Central banks bought 51t of gold in June with Poland and China continuing to lead gold accumulation. Buyers for the month included Uzbekistan, Kazakhstan, Jordan, Czech Republic, Ghana and Georgia, while net sellers this month were Russia and Turkey.
Gold Demand Trends: India Focus Q2 2026
India's gold demand eased in Q2 as elevated prices and policy measures weighed on volumes, although spending remained robust, reaching a record high for a second quarter. Jewellery demand proved resilient despite affordability pressures, while investment demand moderated following a strong run but remained above its long-term average. Supply fell to a six-year low, with ample inventories and increased recycling helping to meet market needs. Looking ahead, demand is likely to remain sensitive to price movements. However, festive and wedding-related purchases, coupled with continued investment interest, should provide support through the second half of the year.
Gold Demand Trends: Q2 2026
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