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.

Important disclaimers and disclosures [+]Important disclaimers and disclosures [-]