Chart Gallery
29 April, 2026
Chart 1: Bar and coin investors drove y/y growth in Q1 demand
First quarter gold demand by sector, tonnes*
Bar and coin investors drove y/y growth in Q1 demand
Sources: Metals Focus, Refinitiv GFMS, World Gold Council; Disclaimer
* Data to 31 March 2026.
Chart 2: Strong investor interest to offset weak jewellery demand; central bank buying remains solid; supply up modestly
Expected change in annual gold demand*
Strong investor interest to offset weak jewellery demand; central bank buying remains solid; supply up modestly
Sources: Metals Focus, World Gold Council; Disclaimer
*Data to 31 March 2026.
Chart 3: Gold price in all currencies peaked in January followed by notable corrections; broad trend remains intact
Gold price in various currencies, indexed to 1 Jan 2025*
Gold price in all currencies peaked in January followed by notable corrections; broad trend remains intact
Sources: Bloomberg, ICE Benchmark Administration, World Gold Council; Disclaimer
*Data to 21 April 2026.
Chart 4: Continued shape-shifting in global demand as jewellery yields to investment
Quarterly investment, bar and coin demand and quarterly jewellery and technology fabrication, tonnes*
GDT Q1 2026: Jewellery 2
Sources: ICE Benchmark Administration, Metals Focus, World Gold Council; Disclaimer
* Data to 31 March 2026. Data for jewellery and technology fabrication is gross (inclusive of recycled gold), while investment tonnage is net.
Chart 5: Global gold jewellery consumers chalk up record first quarter spend despite falling volumes
Quarterly jewellery consumption, tonnes*
GDT Q1 2026: Jewellery 3
Sources: ICE Benchmark Administration, Metals Focus, World Gold Council; Disclaimer
*Data to 31 March 2026
Chart 6: Consistent buying by Asian investors during Q1 offset sharp March sales of Western funds
Global quarterly ETF demand, tonnes, and AUM, US$bn*
GDT Q1 2026: Investment 1
Sources: Bloomberg, Company Filings, ICE Benchmark Administration, World Gold Council; Disclaimer
* Data to 31 March 2026.
Chart 7: Investment takes up jewellery slack in China..
Quarterly Chinese jewellery, bar and coin demand, tonnes*
GDT Q1 2026: Investment Chart 2a
Sources: Metals Focus, World Gold Council; Disclaimer
* Data to 31 March 2026. Jewellery consumption is gross (incl. recycling) while bar and coin demand is net.
Chart 8: ..and almost matches jewellery in India
Quarterly Indian jewellery, bar and coin demand, tonnes*
GDT Q1 2026: Investment Chart 2b
Sources: Metals Focus, World Gold Council; Disclaimer
* Data to 31 March 2026. Jewellery consumption is gross (incl. recycling) while bar and coin demand is net.
Chart 9: Central bank buying remained elevated in Q1, alongside a pick up in reported sales
Quarterly central bank net purchases, tonnes*
Chart 9: Central bank buying remained elevated in Q1, alongside a pick up in reported sales
Sources: Metals Focus, World Gold Council; Disclaimer
*Data to 31 March 2026.
Chart 10: Mine production estimates put it at a new first quarter record, just ahead of Q1’23
First quarter mine production, tonnes*
GDT Q1 2026: Supply Chart 1
Sources: Metals Focus, Refinitiv GFMS, World Gold Council; Disclaimer
*Data to 31 March 2026.
Chart 11: Record prices finally begin to feed through to higher recycling volumes
Quarterly supply of recycled gold by region, tonnes*
GDT Q1 2026: Supply Chart 2
Sources: ICE Benchmark Administration, Metals Focus, World Gold Council; Disclaimer
*Data to 31 March 2026.
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