3 November, 2026
| Tonnes | Q3'25 | Q3'26 | y/y % change | |
| Technology | 82.0 | 84.8 | 3 |  |
| Electronics | 68.9 | 72.5 | 5 | |
| Other industrial | 11.1 | 10.4 | -6 |  |
| Dentistry | 2.0 | 1.9 | -6 | |
Gold use in the electronics sector continued to reflect a two-speed market in Q3. Strong AI infrastructure investment was a growth area for gold usage, while continued thrifting and substitution in lower-value applications further limited gold use in consumer electronics.
Gold demand in the electronics sector rose 5% y/y to 72t during Q3. Strong AI-related investment in servers, data centres and high-performance computing offset continued weakness in mainstream consumer electronics. Elevated gold prices drove further thrifting and substitution, limiting growth in gold volumes despite increased production of advanced semiconductors and packaging technologies. Gold nevertheless remains essential in high-reliability and leading-edge applications where performance requirements outweigh cost considerations.
The strength of AI-driven demand was again highlighted by the world’s largest chipmaker, Taiwan Semiconductor Manufacturing Company (TSMC), which reported a record Q3 net profit of NT$763bn, up 69% y/y, driven by sustained demand for advanced semiconductor technologies.1 Micron, another major semiconductor manufacturer, reported similar results and stated that it “expect(s) an even stronger fiscal 2027” on the back of AI demand.2
LED-related gold demand recorded marginal y/y growth in Q3. Gold usage was supported by growth in automotive lighting, infrared sensing and specialised optoelectronic applications, all of which helped to offset ongoing price-driven weakness in conventional lighting markets, where material substitution remained prevalent.
Mini-LED demand maintained steady momentum, particularly in premium and automotive displays, but a shift to alternative gold-free chip architectures is likely to constrain gold usage per device in some applications.
Looking ahead, LED gold usage is expected to remain broadly stable, with growth in automotive, sensing and advanced photonic applications expected to largely balance further reductions in traditional LED markets.
Gold demand in wireless communications and compound semiconductors also increased in Q3, supported both by the ongoing rollout of Wi-Fi 7 and by expanding satellite and optical communication networks.
Stronger demand for high-performance devices, optical modules and related optoelectronic components helped drive growth, particularly in East Asia. Gold remained important in selected high-frequency semiconductor, laser and packaging applications, where performance and reliability requirements limit the potential for substitution to alternative materials. However, the overall increase in gold volumes was moderated by ongoing thrifting in some areas, including thinner gold coatings, the use of copper-based interconnects in some chips, and continued weakness in some consumer electronics markets.
Memory chip demand increased y/y in Q3. Manufacturers expanded production of both high-performance memory and advanced logic devices to support AI infrastructure, while also shifting capacity to higher value products, many of which contain higher gold loadings.
However, higher component costs continued to weigh on PC and smartphone sales. High gold prices continued to accelerate substitution and thrifting in bonding wire, with palladium-coated copper and other alternatives gaining market share in cost-sensitive applications.
Looking forward, AI-related investment should drive growth in demand for gold used in memory chips. But this growth will increasingly depend on specialised manufacturing processes and high-reliability applications, while ongoing material optimisation and the widespread use of copper-based interconnects will likely combine to constrain gold usage per device.
Gold used in PCB fabrication also increased y/y in Q3. Significant demand for high-end AI servers, high-speed applications (such as networking equipment), data centre power systems and low earth orbit satellite infrastructure all powered growth.
High gold prices also incentivised optimisation efforts in some areas. Accordingly, manufacturers reduced plating thicknesses and continued to adopt alternative finishes where performance requirements allowed.
Overall, strength in advanced electronics and power-related applications more than offset weakness in conventional consumer electronics and resulted in higher gold usage, albeit with consumption growth moderated by continued thrifting and substitution initiatives.
At the regional level, electronics demand increased across the major fabrication markets. Growth was strongest in Taiwan and South Korea, supported by advanced semiconductor, memory and packaging activity, while China, the US and Europe recorded more moderate gains.
Gold used in other industrial and decorative applications fell 6% y/y in Q3, marking a tenth consecutive quarterly decline. The largest losses came from China, where weaker jewellery-plating demand, thinner plating specifications and the adoption of alternative materials drove a significant decline, while India saw a smaller drop due to reduced demand for gold thread used in traditional clothing. Dental gold demand continued its long-term decline, registering another small fall during the quarter.
