Central banks bought more gold than jewelry buyers in Q3 2026, even as gold ended October roughly 25% below its January peak. Bitcoin gained more than gold in the quarter, but both assets lost ground in October.
Central banks bought more gold in Q3 2026 than consumers worldwide bought for jewelry. The World Gold Council estimates net official purchases at 321 metric tons, against 313 tons of jewelry consumption.
A year earlier, jewelry buyers had consumed about 150 tons more than central banks acquired. However, roughly 63% of estimated official demand couldn't be traced through publicly reported country-level purchases.
Gold demand rises in dollars, not in metal
Global gold demand reached $188 billion in Q3, up 22% from a year earlier. But buyers took home 1% less metal, at 1,369 tons, while the average quarterly price was 23% higher.
Jewelry consumption fell 17% to 313 tons, the weakest third quarter in the council's records since 2000. Demand for bars and coins fell 19% to 268 tons. Meanwhile, central banks' net purchases rose 42% to 321 tons, and gold-backed ETFs added 211 tons, reversing the previous quarter's withdrawals.
Of the estimated 321 tons, only about 120 tons appeared in publicly reported country-level activity. China disclosed additions of 63 tons and Poland 40 tons, making them the largest reported buyers.
Gold falls 6.3% in October
Gold finished October at $3,913 an ounce, down 6.3% for the month and roughly 25% below its January peak, according to the World Gold Council.
The council pointed to reductions in speculative positions, revised expectations for Federal Reserve policy, and rotation between assets as possible contributors to the decline.
Gold-backed funds still drew money. Global gold ETFs attracted $2.7 billion in net inflows during October, adding 19 tons and taking holdings to a record 4,275 tons. Their combined assets under management fell 6% to $542 billion, as the lower gold price more than offset the new money.
Bitcoin outpaces gold in Q3, then slips
Bitcoin gained 42.7% during the quarter, versus gold's 3.84%. In October, however, Bitcoin fell 7.3% to about $77,500, while gold lost 6.3%.
CryptoSlate cited a Reuters report that the largest Bitcoin-backed funds tracked by LSEG/Lipper lost $215 million in October. Net buying persisted across global bullion funds, while those tracked Bitcoin funds lost money to withdrawals.
Source: CryptoSlate
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