Louise Street

Senior Markets Analyst World Gold Council

Krishan Gopaul

Senior Analyst, EMEA World Gold Council

Gold demand steady vs Q3’25

Y-t-d demand also on par with record 2025

Total Q3 gold demand, including OTC, was 1% lower y/y at 1,369t. On a y-t-d basis, demand of 3,881t virtually matches the 2025 record (3,884t), while value set a record of US$566bn.

Central bank buying jumped to 321t in Q3, eclipsing recent typical quarterly buying levels and lifting y-t-d demand to 675t (+6% y/y).

Gold ETFs reversed course following the Q2 outflows, adding 211t in Q3. The inflow seemed to be driven by mounting concerns over fiscal sustainability and inflation, among other things.

Bar and coin investors were more circumspect; global demand was 19% lower y/y at 268t as investors waited for a clearer price trend to emerge. 

Jewellery demand fell 17% y/y to 313t, the weakest third quarter in our data series, as high prices remained a headwind across all markets. Demand value edged up 2% y/y to US$43bn.

Gold used in technology increased 3% y/y in Q3 as demand generated by AI-related manufacturing more than offset the limiting effect of high gold prices.

Highlights

The LBMA (PM) gold price averaged US$4,262/oz in Q3
This was the third strongest quarterly average price on record and 23% higher y/y.

Gold mine production was up 3% y/y to 1,071t – a third quarter record. 
Total supply edged down 1% to 1,369t; recycling volumes fell 8% y/y to a three-year low of 314t. 

Outlook: demand for ETFs, bars and coins to remain resilient, albeit caught in competing crosswinds. 
Central bank buying likely to at least match 2025 after surprisingly strong Q3.

Jewellery volumes will continue to moderate amid persistently high prices. 

Recycling, in contrast, remains broadly unresponsive to high prices.

Accordingly, gold mine production remains the only likely area of – modest – supply growth.

 

Chart 1: Y-t-d gold demand matches 2025 record

Q1-Q3 total global gold demand, tonnes and US$bn*

Chart 1: Y-t-d gold demand matches 2025 record

Chart 1: Y-t-d gold demand matches 2025 record
Q1-Q3 total global gold demand, tonnes and US$bn*
Sources: ICE Benchmark Administration, Metals Focus, World Gold Council; Disclaimer *Data as of 30 September 2026

Sources: ICE Benchmark Administration, Metals Focus, World Gold Council; Disclaimer

*Data as of 30 September 2026

Gold supply and demand

Table 1: Quarterly gold supply and demand by sector, tonnes

  Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 q/q %
change
y/y %
change
Supply
Mine Production 1,040.7 999.8 907.7 951.3 1,070.9 13 3
Net Producer Hedging -0.2 -20.2 -21.8 -18.6 -16.8 - -
Recycled Gold 342.7 365.4 372.5 321.8 314.5 -2 -8
Total Supply 1,383.2 1,345.0 1,258.4 1,254.5 1,368.6 9 -1
 
Demand
Jewellery Fabrication 420.0 438.9 331.8 311.0 340.1 9 -19
Jewellery Consumption 376.4 435.6 295.2 280.5 312.9 12 -17
Jewellery Inventory 43.6 3.3 36.6 30.5 27.2 -11 -38
Technology 82.0 82.5 82.2 80.9 84.8 5 3
Electronics 68.9 69.4 70.0 68.9 72.5 5 5
Other Industrial 11.1 11.0 10.3 10.1 10.4 3 -6
Dentistry 2.0 2.0 1.9 1.9 1.9 -1 -6
Investment 554.3 604.1 539.3 261.2 479.0 83 -14
Total Bar and Coin 328.6 428.3 476.9 308.6 267.8 -13 -19
Bars 251.2 331.6 397.2 248.7 202.7 -18 -19
Official Coins 31.6 54.3 51.8 33.7 35.3 5 12
Medals Imitation Coins 45.9 42.4 27.9 26.2 29.8 14 -35
ETFs and Similar Products 225.7 175.7 62.4 -47.3 211.2 - -6
Central Bank and Other Institutions 226.3 209.9 57.7 296.3 321.2 8 42
Gold Demand 1,282.6 1,335.3 1,011.0 949.5 1,225.1 29 -4
OTC and other 100.6 9.7 247.4 305.0 143.5 -53 43
Total Demand 1,383.2 1,345.0 1,258.4 1,254.5 1,368.6 9 -1
LBMA Gold Price (US$/oz) 3,456.5 4,135.2 4,872.9 4,506.3 4,262.2 -5 23

Note: For an explanation of these terms, please see the Notes and definitions download: https://www.gold.org/goldhub/data/gold-demand-by-country. 
Source: Metals Focus, Refinitiv GFMS, ICE Benchmark Administration, World Gold Council

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