The value of global gold demand jumped 74% year over year to a record $193 billion in the first quarter of 2026, as a modest rise in volumes combined with gold's sharp price climb. Total Q1 demand including over-the-counter activity rose 2% to 1,231 tonnes.

Investment demand led the gains. Bar and coin demand reached 474 tonnes, up 42% and the second-highest quarter on record, with Asian investors driving much of the buying. Gold-backed exchange-traded funds added 62 tonnes in the quarter, continuing inflows though at a slower pace than the very strong first quarter of 2025.

High prices reshaped the rest of the market. Jewelry demand volumes fell 23% year over year under the weight of record prices, even as the amount spent rose 31%, a sign that buyers kept paying up despite smaller quantities. Central banks bought a net 244 tonnes, up 3% from a year earlier, though selling activity ticked higher during the quarter.

Supply rose to meet part of the demand. Total gold supply increased 2% year over year to 1,231 tonnes, supported by modest growth in mine production and a 5% uptick in recycling as higher prices pulled more metal back into the market.

The record dollar value underscores how far gold prices have run. Volumes grew only slightly, but the price surge lifted the worth of quarterly demand to an all-time high, a pattern the data shows across investment, jewelry, and central bank activity.

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