Global gold demand reached 1,231 tonnes in the first quarter of 2026, a modest year-over-year increase, while the value of that demand surged to a record $193 billion, according to the World Gold Council's Gold Demand Trends report for Q1 2026.

Bar and coin investors drove the quarter's growth, as retail investment demand strengthened amid elevated prices and geopolitical uncertainty. Gold-backed exchange-traded funds added 62 tonnes during the quarter, a slower pace than the very strong 230 tonnes recorded in Q1 2025, following sizable outflows from U.S. funds in March.

Central banks remained consistent buyers, purchasing 244 tonnes of gold on a net basis in the first quarter, up 3 percent year over year, despite a visible uptick in selling activity during the period. The World Gold Council noted that unreported official-sector buying remained elevated, continuing a trend in place since 2022, while Turkey was the quarter's largest reported seller with holdings down roughly 70 tonnes.

Jewelry demand told a different story. Record-high gold prices pushed jewelry volumes down 23 percent year over year, even as consumer spending on gold jewelry rose 31 percent in value terms, signaling continued positive sentiment toward the category. Demand for gold used in technology edged 1 percent higher to 82 tonnes.

The council expects central bank buying to remain solid at levels close to those of 2025, with elevated geoeconomic uncertainty and reserve diversification continuing to support official-sector demand.

Source: World Gold Council -- https://www.gold.org/goldhub/research/gold-demand-trends/gold-demand-trends-q1-2026