Central banks and other official institutions bought a net 321 tonnes of gold in the third quarter of 2026, up 42% from a year earlier. Gold-backed ETFs returned to inflows, while total demand, including over-the-counter activity, slipped 1% to 1,369 tonnes.
Institutional buying offsets weaker jewellery demand
Gold-backed ETFs added 211 tonnes after second-quarter outflows, taking holdings to 4,256 tonnes. Central bank purchases reached 675 tonnes in the first nine months, up 6% from the same period in 2025.
Jewellery demand fell 17% to 313 tonnes, and bar and coin demand declined 19% to 268 tonnes. The benchmark gold price averaged $4,262 an ounce, up 23% year on year. Higher prices lifted the value of quarterly demand by 22% to $188 billion despite lower overall volumes.
What investors are watching
Further ETF inflows could support investment demand in the fourth quarter. A stronger dollar or higher bond yields could temper that support. The World Gold Council expects full-year central bank purchases to at least match 2025.
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