Gold Market Structure and Trends

Gold is an attractive means of helping investors diversify their portfolios. Its relative scarcity supports its long-term investment appeal. But its market size is large enough to make it relevant for a wide variety of investors, from individuals to institutions and central banks.

Q3 total gold demand was broadly steady - 1% lower y/y at 1,369t, while the value of demand rose 22% to US$188bn. Institutional and strategic buyers stepped up: central banks added 321t, up 42% year-on-year, and gold ETFs returned to strong inflows of 211t, lifting holdings to a record 4,256t. By contrast, bar and coin demand fell 19% to 268t given the lack of a clear trend in the gold price, while jewellery demand fell 17% to 313t as gold prices remained high. Technology demand rose 3% to 85t, its highest level since Q4 2021, supported by AI-related manufacturing.

Indian gold demand strengthened from Q2, but high prices constrained volumes: Q3 demand rose 24% q/q to 162t but remained 29% lower y/y and 12% lower y-t-d. Spending was more resilient, rising 3% y/y and 38% y-t-d.

Gold is already entering the digital age. Yet despite growing investor interest and rapid innovation across financial markets, digital gold remains a relatively small part of the wider gold market. Our report explores the potential for that to change. Drawing on a survey of more than 12,000 retail investors, interviews with industry experts and detailed market modelling, the report examines the digital gold market today, the barriers holding back adoption and the potential scale of future demand. 

China’s gold jewellery demand – tonnage terms – weakened further in 2026. Our 2026 Chinese jewellery retailer insights survey results show that gold products continue to dominate retailers’ sales, with Hard Pure gold and Heritage gold jewellery outperforming other categories. Self-indulgence is becoming increasingly important drivers of consumer demand, reflecting a broader shift in purchasing behaviour. Despite ongoing industry consolidation, retailers generally remain confident in the long-term prospects of gold jewellery.