Chart Gallery
3 November, 2026
Chart 1: Y-t-d gold demand matches 2025 record
Q1-Q3 total global gold demand, tonnes and US$bn*
GDT Q3 2026: Front cover
Sources: ICE Benchmark Administration, Metals Focus, World Gold Council; Disclaimer
*Data as of 30 September 2026
Chart 2: Investment is expected to remain the principal demand driver, supported by central bank buying
Expected change in annual gold demand, tonnes*
GDT Q3 2026: Outlook 1
Sources: World Gold Council; Disclaimer
* Estimates as of Q3 2026.
Chart 3: Major central banks expected to hike in Q4
Number of hikes priced in based on rate futures*
GDT Q3 2026: Outlook 2
Sources: Bloomberg, World Gold Council; Disclaimer
*Data as of 23 October 2026.
Chart 4: Long-run inflation expectations at 19-year high
Market-based inflation expectations*
GDT Q3 2026: Outlook 3
Sources: Bloomberg, Cleveland Fed, World Gold Council; Disclaimer
*Data as of 23 October 2026. US inflation swaps and breakeven inflation expectations contain liquidity and premia distortions. The Cleveland Fed measure is an attempt at a cleaner representation of market expectations for a 10-year maturity.
Chart 5: Central banks exhibit price sensitivity
Central bank demand, demand changes and gold returns*
GDT Q3 2026: Outlook 4
Sources: ICE Benchmark Administration, Metals Focus, World Gold Council; Disclaimer
*Data from Q3 2022 to Q3 2026. Gold returns using quarterly average LBMA PM price.
Chart 6: Gold jewellery volumes saw the weakest third quarter on record, while spending continued to grow y/y
Quarterly gold jewellery demand by market/region, tonnes and US$bn
GDT Q3 2026: Jewellery 1
Sources: ICE Benchmark Administration, Metals Focus, World Gold Council; Disclaimer
*Data as of 30 September 2026
Chart 7: No region was spared the y/y decline in gold jewellery volume
Y/y change in Q3 jewellery demand by market/region, %
GDT Q3 2026: Jewellery 2
Sources: Metals Focus, World Gold Council; Disclaimer
*Data as of 30 September 2026
Chart 8: ETF buyers returned in force during Q3
Global quarterly ETF demand, tonnes, and quarterly average gold price, US$/oz*
GDT Q3 2026: Investment 1
Sources: Bloomberg, Company Filings, ICE Benchmark Administration, World Gold Council; Disclaimer
*Data as of 30 September 2026
Chart 9: Despite a soft Q3, year-to-date bar and coin investment is the strongest since 2013
Q1-Q3 bar and coin investment by region, tonnes and US$ value*
GDT Q3 2026: Investment 2
Sources: Metals Focus, World Gold Council; Disclaimer
*Data as of 30 September 2026
Chart 10: Y-t-d central bank buying exceeds 2025 pace
Quarterly central bank net purchases, tonnes*
GDT Q3 2026: Central Banks 1
Sources: Metals Focus, Refinitiv GFMS, World Gold Council; Disclaimer
*Data to 30 September 2026.
Chart 11: Poland and China continue to drive reported central bank purchases
Y-t-d reported net purchases by region, tonnes*
GDT Q3 2026: Central Banks 2
Sources: IMF, respective central banks, World Gold Council; Disclaimer
*Data to 30 September 2026 where available. Note: Other includes Turkey and Russia. Chart includes country-level purchases and sales of 0.5t or more.
Chart 12: Mine production remains on course for a record 2026
Quarterly gold production, tonnes*
GDT Q3 2026: Supply 1
Sources: Metals Focus, Refinitiv GFMS, World Gold Council; Disclaimer
*Data to 30 September 2026.
Chart 13: Recycling activity remains relatively unresponsive to sustained high prices
Quarterly supply of recycled gold by region, tonnes*
GDT Q3 2026: Supply 2
Sources: ICE Benchmark Administration, Metals Focus, World Gold Council; Disclaimer
*Data to 30 September 2026.
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