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

Price levels account for the divergence between tonnage and value. The LBMA afternoon gold price set a new quarterly average record of $4,873 per ounce during the period.

Central banks opened the year with estimated net purchases of 244 tonnes, exceeding both the previous quarter and the five-year average. The National Bank of Poland was the largest single buyer, adding 31 tonnes to reach 582 tonnes in reserves. The People's Bank of China added 7 tonnes, bringing its total to 2,313 tonnes, equal to 9 percent of its total reserves.

Retail investment drove the quarter. Bar and coin demand reached 474 tonnes, a 42 percent increase and the second highest quarterly figure on record. Exchange traded funds posted net inflows of 62 tonnes, a slower pace than bar and coin buying.

Jewellery demand moved against the trend, falling 23 percent year over year to 335 tonnes as buyers responded to price levels, though spending in value terms held up.

Technology demand edged 1 percent higher to 82 tonnes, growth the council attributes largely to continued buildout of AI infrastructure.

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