We Are Savers
World

Central Bank Gold Buying Hits Fastest Pace Since 2024

Official gold purchases are strong while jewellery demand has fallen to its weakest third quarter on record, a split that shapes prices for savers.

Updated on Nov. 3, 2026 in Economic Indicators

Isometric editorial illustration of a low pyramid of unmarked gold ingots on a dark slate shelf under even overhead light.
Central banks bought a net 321 tonnes of gold in the third quarter, the fastest pace since late 2024, as China and Poland led disclosed purchases while jewellery demand fell. AI Illustration. Upload story photo >

Central banks bought a net 321 tonnes of gold in the third quarter of 2026, the fastest pace since the end of 2024, according to the World Gold Council's quarterly report. Gold-backed exchange-traded fund holdings rose 211 tonnes to a record over the same period.

Why it matters

Heavy official-sector buying helps explain why gold has remained a central part of global reserve management even after prices fell roughly a quarter since the Iran war began in late February. For households, the picture is mixed: strong institutional demand supports the metal, while weaker jewellery and recycling demand signal softer retail appetite.

Central banks added 321 tonnes in the third quarter, and gold-backed ETF holdings reached a record after rising 211 tonnes. Jewellery demand fell 17% to 313 tonnes, the weakest third quarter in data back to 2000.

The players

World Gold Council

An industry body whose quarterly gold demand data shapes how consumers and investors read global bullion trends.

Metals Focus Ltd.

A precious metals research firm that calculates central-bank gold purchases on the World Gold Council's behalf.

People's Bank of China

China's central bank, whose gold reserve purchases influence domestic bullion prices and the broader gold market.

The details

Official buyers such as China, which added 63 tonnes, and Poland, which added 41 tonnes, were the largest disclosed purchasers, while Russia sold 19 tonnes and was the only major seller. Gold prices weakened during the quarter, which likely encouraged some central banks to step up purchases, and a stronger U.S. dollar may have made moving some reserves into gold more appealing for banks with a bearish dollar outlook. Higher energy costs also raised expectations of tighter monetary policy, a headwind for non-yielding gold. Mine output rose 3% year-on-year to a third-quarter record of 1,071 tonnes.

Timeline

  1. January 2026: gold reached a record high in its multiyear rally.

  2. Late February 2026: the Iran war began, pressuring gold prices.

  3. July to September 2026: central banks bought 321 tonnes and ETF holdings hit a record.

  4. November 3, 2026: the World Gold Council published the quarterly report.

Money Landscape

Official gold buying has been a steady feature of reserve management in recent years, and this quarter's pace is the fastest since late 2024. Retail demand, by contrast, is weakening, with jewellery at its lowest third-quarter level in the series' history.

Households considering jewellery purchases may find prices and retail demand softer, given the 17% drop in third-quarter jewellery demand. Anyone reviewing gold exposure in personal savings should discuss allocation decisions with a qualified financial professional rather than reacting to quarterly demand figures.

The takeaway

Official gold buying remains strong even as retail demand softens, a split worth watching in future quarterly reports. Readers tracking their own savings can note the date of the next World Gold Council release and review any gold holdings with a qualified financial professional.

Further reading

For broader context on the measures tracked in this report, explore our Economic Indicators coverage.