Central banks and ETFs lift gold buying in the third quarter as jewelry demand falls, World Gold Council says

Global gold demand was 1% lower year on year at 1,369t (tonnes) in the third quarter of 2026, the World Gold Council (WGC) said on 3 November in its quarterly Gold Demand Trends report. The gold price averaged US$4,262 an ounce over the quarter, and the value of demand rose 22% to US$188bn.

Central banks and ETFs

Central banks and other official institutions added a net 321t to their reserves, up 42% from a year earlier and the highest quarterly total since the fourth quarter of 2024. Purchases so far this year reached 675t, 6% more than in the same period of 2025. The WGC said diversification and risk management remained the main reasons for buying.

Physically backed gold ETFs returned to inflows after the second quarter, adding 211t, only 6% below the third quarter of 2025. Their holdings rose to a record 4,256t. Over-the-counter and other demand was 143t, up from 101t a year earlier.

Coins, bars and jewelry

Bar and coin demand fell 19% to 268t, which the WGC put down to individual investors holding back without a clear direction in the price. China was the exception, with demand up 7%.

Jewelry demand fell 17% to 313t, the weakest third quarter in the WGC’s data series, as high prices pushed buyers toward lighter, lower-carat pieces. In value terms, jewelry demand edged up to US$43bn. Technology demand rose 3% to 85t, with electronics up 5% to 72t on AI-related manufacturing.

Supply

Total supply was also 1% lower at 1,369t. Mine production rose 3% to a third-quarter record of 1,071t, while recycling fell 8% to 314t, its lowest level since the fourth quarter of 2023.

What it means for traders

The report shows official-sector and ETF buying, rather than retail coins and bars or jewelry, carrying demand in the quarter. The WGC described the outlook to the end of the year as finely balanced. For the forces behind gold’s price, see our guide to what moves gold prices.