Gold demand dips 1% in Q3; jewellery weakest Q3 on record

Total gold demand was 1% lower than a year earlier at 1,369 tonnes in the third quarter of 2026, according to the World Gold Council's Gold Demand Trends report, published on 3 November. The gold price averaged $4,262 an ounce in the quarter, so the value of demand rose 22% to $188 billion (World Gold Council, 3 November 2026).

Demand by type, third quarter 2026

• Central banks: net purchases of 321 tonnes, up 42% on the year and the most in a quarter since the fourth quarter of 2024. Year-to-date buying of 675 tonnes is 6% higher than a year earlier.
• Gold ETFs: inflows of 211 tonnes, a return to inflows after the second quarter, taking holdings to a record 4,256 tonnes.
• Bar and coin: down 19% to 268 tonnes. China was the exception, up 7%.
• Jewellery: down 17% to 313 tonnes, the weakest third quarter in the Council's data, although its value edged up to $43 billion.
• Technology: up 3% to 85 tonnes.

What the price did to demand

The Council links the falls to price: high prices kept dampening jewellery buying, and individual investors stayed on the sidelines "due to a lack of clear direction on the gold price". Recycling fell 8% to 314 tonnes despite higher prices, the Council says. Its analyst Louise Street called the outlook "finely balanced", citing rising interest rates and mixed inflation expectations as possible headwinds and geopolitical risk and market stress as possible support. That is the Council's view, not a forecast from FTC.

For how gold relates to rates and the dollar, see gold and real yields. Live prices: XAU/USD.