Central banks’ gold buying rises 42% in third quarter

Central banks bought a net 321 tonnes of gold in the third quarter of 2026, a 42% increase on the same period a year earlier and the largest quarterly total since the final quarter of 2024, according to the World Gold Council (WGC).

China and Poland were among the biggest buyers, purchasing 63 tonnes and 41 tonnes respectively, while Russia sold 19 tonnes, Bloomberg reported. Central banks bought 675 tonnes in the first nine months of the year, 6% more than in the same period of 2025, the WGC said.

Gold’s price reached a record of nearly $5,600 an ounce in January before falling below about $3,900, Nieuws.nl reported. The outlet said analysts believe central banks are taking advantage of the decline to add to their holdings.

High prices weighed on jewellery demand: purchases fell 17% to 313 tonnes in the third quarter, the weakest quarterly figure on record for that category, according to the WGC. Consumers are opting for lighter jewellery or pieces made with less-pure gold.

Total gold demand, including jewellery, investment, technology and electronics, as well as coins and bars, reached 1,369 tonnes in the first nine months of the year, slightly below the total for the same period in 2025.