Central Banks Bought 42% More Gold in Q3 2026 While Retail Buying Fell 19%: What the Data Shows

According to the World Gold Council's (WGC) Gold Demand Trends Q3 2026 report, central banks were the standout buyers in the third quarter, adding 321 tonnes (+42% year-on-year). Gold ETFs added 211 tonnes, while bar and coin demand fell 19% to 268 tonnes, a four-year low. Total demand was 1,369 tonnes, down 1% year-on-year.

Q3 2026 gold demand in five numbers

Total demand in Q3 2026, including over-the-counter (OTC) flows, came to 1,369 tonnes, 1% lower than a year earlier. The five categories above add up to about 1,198 tonnes. The rest is OTC and other flows (143.5 tonnes) and changes in jewellery inventories (27.2 tonnes), which are counted separately.

Over the year to date, demand stands at 3,881 tonnes, virtually matching the record 3,884 tonnes set during the first nine months of 2025. Its value set a record high of US$566 billion.

Central banks bought 321 tonnes, but reported only 120

Central banks added 321 tonnes in Q3 2026, well above the five-year quarterly average of 227 tonnes, according to the World Gold Council's Central Banks analysis. That takes the year-to-date total to 675 tonnes, 6% ahead of the same period in 2025.

However, only 120 tonnes of that appeared in reported figures. Around 63% of the quarter's demand was unreported activity: purchases or sales not yet reflected in official statistics, either because of reporting delays or because a central bank doesn't disclose them. The WGC says this pattern of unreported official purchasing has been a feature of the market since 2022. The unreported total is an estimate built by Metals Focus from additional sources. Rhona O’Connell, Head of Market Analysis, EMEA & Asia at StoneX, puts the gap in context: “IMF numbers are always delayed and not all official sector bodies report publicly. It’s been like that ever since I started in the market in the early 1980s.”

Among the banks that did report, buying was heavily concentrated. China and Poland together added 104 tonnes, around 86% of reported net purchases. The largest reported buyers were (figures rounded):

• People's Bank of China: 63 tonnes
• National Bank of Poland: 40 tonnes
• National Bank of Kazakhstan and Central Bank of Uzbekistan: 14 tonnes each
• Czech Republic: 5 tonnes, equal to 6% of its holdings at the start of the quarter

The WGC also notes that several buyers, including Kazakhstan, Uzbekistan, Ghana and Bolivia, are significant gold producers, which it says highlights the role of domestic gold markets and local purchasing programmes.

Sales were generally limited, with Russia's 19-tonne reduction being the only sizeable one reported.

According to the WGC, stronger buying in Q2 and Q3 coincided with prices easing back from the Q1 high and lower volatility. It says this may have supported purchases at the margin, but points to diversification and risk management as the primary drivers. For more on what sits behind official-sector buying, see our guide to why central banks buy gold.

Fund investors returned, led by Europe

Physically backed gold ETFs added 211 tonnes in Q3 2026, taking global holdings to a record 4,256 tonnes. That is slightly lower than the 226 tonnes added a year earlier, but in value terms the quarter's inflows of US$31 billion were the biggest on record.

European-listed funds drove demand with 92 tonnes, their strongest quarter since Q1 2022. The WGC says concerns over inflation, fiscal sustainability and sovereign bond markets appear to have supported this demand. UK-listed funds dominated within the region with 53 tonnes, and continued to lead European inflows in October. Funds listed in France, Germany and Switzerland added 16, 13 and 9 tonnes.

There was a clear contrast with physical buying: while funds attracted inflows, bar and coin demand fell to a four-year low. Investors weighing up funds against holding metal directly can review our guide: Everything You Need to Know About Gold ETFs.

Why bar and coin buying slowed

Gold bar and coin demand fell 19% year-on-year to 268 tonnes in Q3 2026, its lowest quarterly total in four years. The World Gold Council's Investment analysis points to three factors that discouraged fresh buying:

1. The gold price trading within a range
2. Expectations that US interest rates would stay higher for longer
3. Rallying equity markets

“

ETF investment is a combination of professional as well as retail buying, while bar & coin is almost exclusively retail. […] More interesting is the leadership in ETF uptake that came from Europe this time, while some US ETF investors are looking tired and the topping out in January is probably still deterring some would-be investors who are now uncertain of the likely price trajectory, along with others who may well have been burnt and are wary of re-investing. This would be retail rather than professionals, who, if they use gold as a liquidity pool in times of distress, will come back into the market when the dust settles in order to rebalance their holdings.

Despite the drop in volumes, demand value held steady year-on-year at US$37 billion. The year-to-date picture is different: bar and coin investment for the first nine months reached 1,053 tonnes, the strongest first nine months since 2013.

Quarterly coin and bar demand (bars) and cumulative total since 2021 (shaded, right-hand scale). Source: World Gold Council, StoneX.

The picture varied greatly by country:

• China: Registered a record year-to-date demand of 393 tonnes
• India: Accounted for around 60% of the global year-on-year decline
• United States: Demand fell 40% year-on-year to 8 tonnes, the weakest quarter since Q4 2019

What the data shows for UK and European buyers

Gold bar and coin demand fell year-on-year in the UK, Germany and Switzerland in Q3 2026, and across Europe as a whole (excluding the Commonwealth of Independent States, or CIS).

In the UK, bar and coin demand came to 3.3 tonnes, 20% lower than a year earlier but 12% higher than Q2 2026.

The WGC also notes that small bars of up to 10g continued to gain share in Europe as affordability became more of a constraint. StoneX Bullion's range covers that end of the market, with 1g gold bars, 2g gold bars, 5g gold bars and 10g gold bars. Read our guide to gold bar sizes to see how they compare.

Separately, UK legal tender gold coins (such as Sovereign and Britannia coins) remain exempt from Capital Gains Tax (CGT) for UK tax residents. Read more in our guide on CGT-free gold coins in the UK.

Jewellery, technology and supply

Jewellery was the weak spot among the demand categories. According to the WGC, jewellery consumption fell 17% year-on-year to 312.9 tonnes, the weakest third quarter in its data series (which dates back to 2000). The WGC says high prices were a key constraint, with consumers across most regions opting for lower-carat, lower-weight or smaller pieces.

China and India accounted for a large share of the fall, with China down 22% to 66 tonnes and India down 20% to 100 tonnes. However, demand recovered 12% quarter-on-quarter, driven by seasonal recoveries in both regions and some support from lower prices.

Technology demand moved the other way, rising 3% to 84.8 tonnes. The WGC says AI-related manufacturing more than offset the effect of higher prices. For more, see our article: How the AI Industry is Reshaping Demand for Gold and Silver.

On the supply side, mine production rose 3% year-on-year to 1,071 tonnes, a record for a third quarter. Conversely, recycled gold supply fell 8% to 314 tonnes, a three-year low. Total supply came to 1,369 tonnes, just 1% lower than a year earlier.

How to read quarterly demand data

Quarterly figures offer useful insights, but they come with limits that are worth knowing. The World Gold Council explains how its data is put together in its supply and demand methodology note.

1. They are estimates and can be revised: The figures are compiled with Metals Focus and can be revised as new information arrives. The WGC notes, for example, that delayed central bank reporting can lead to later revisions.
2. Central bank data includes estimates: Alongside reported purchases and sales, the total includes Metals Focus's estimate of unreported activity, so it is less precise than the reported figures.
3. OTC and stock flows are a catch-all category: It captures less visible elements of investment demand along with any statistical residual, so it isn't a directly measured number.
4. The data looks backwards: It describes what happened during the quarter and is not a forecast of the gold price.

FAQ

Are central banks still buying gold in 2026?

Yes. According to the World Gold Council, central banks added 321 tonnes in Q3 2026, 42% more than a year earlier (although only 120 tonnes of that was reported). Year-to-date purchases reached 675 tonnes, 6% ahead of the same period in 2025.

Which central bank bought the most gold in Q3 2026?

Among central banks that reported their purchases, the People's Bank of China was the largest buyer, adding 63 tonnes. Unreported activity, which made up around 63% of the quarter's total, is not included in these figures.

Why is so much central bank gold buying unreported?

The World Gold Council defines unreported activity as purchases or sales that don't appear in official statistics, either due to reporting delays or non-disclosure. In Q3 2026, it made up around 63% of central bank demand, a pattern the WGC says has existed since 2022. Metals Focus estimates the figure using additional sources.

Why did retail gold buying fall in Q3 2026?

Gold bar and coin demand fell 19% year-on-year to 268 tonnes, a four-year low. The World Gold Council points to three factors behind this: the gold price trading within a range, expectations that US interest rates would stay higher for longer, and rallying equity markets.

How much gold did UK investors buy in Q3 2026?

According to the World Gold Council, UK bar and coin demand was 3.3 tonnes, 20% lower than a year earlier and 12% higher than Q2 2026.

Where does gold demand data come from?

The World Gold Council publishes it in its quarterly Gold Demand Trends reports. The figures are compiled by Metals Focus, a precious metals consultancy. They are estimates and can be revised later.

Sources

• World Gold Council, Gold Demand Trends Q3 2026
• World Gold Council, Gold Demand Trends Q3 2026: Central Banks
• World Gold Council, Gold Demand Trends Q3 2026: Investment
• World Gold Council, Supply and demand data methodology note