Gold Demand Hits $188 Billion in Third Quarter of 2026

Global demand for gold reached $188 billion in the third quarter of 2026. This financial volume represents a 22% increase compared to the same period last year. Despite the high monetary value, the physical quantity acquired fell by 1% to a total of 1,369 metric tons.

Central banks and official institutions led the acquisitions with 321 net tons. For the first time, institutional volume surpassed jewelry consumption, which totaled 313 tons. The jewelry sector recorded its weakest third-quarter result since 2000.

Buyer behavior in China and India explains part of the decline in jewelry consumption. Consumers reduced their purchases or opted for lower-karat pieces due to high prices. Demand for physical bars and coins also fell by 19%, hitting 268 tons.

Gold performance in the period saw a 3.84% gain while Bitcoin rose by 42.7%. The precious metal remains 25% below its all-time high. Buying activity in exchange-traded funds helped support the market against the pullback from individual investors.

Increased demand for reserve assets by global governments may raise the perception of systemic risk and influence the volatility of the dollar against safe-haven assets. The performance divergence between metals and crypto assets reinforces the need to monitor global liquidity.