Gold reached a historical high of $5,405 per ounce in January 2026, and the London Bullion Market Association quarterly average set a record of $4,873 per ounce for the first quarter, according to World Gold Council data.

Total demand value reached a record $193 billion in the first quarter, driven by a combination of Asian buying, central bank purchases, and the price level itself. Bar and coin demand reached 474 tonnes in the quarter, a 42 percent increase and the second highest quarterly figure on record.

Central bank activity remained the structural support beneath the market. Official sector net purchases totaled an estimated 244 tonnes in the first quarter, exceeding both the previous quarter and the five-year average, and representing a 3 percent year-over-year increase despite an uptick in selling by some holders. The World Gold Council projects full-year central bank purchases near 850 tonnes for 2026, close to the 863 tonnes recorded in 2025.

The composition of demand has shifted with price. Higher prices suppress jewelry fabrication volumes in weight terms while raising the value of total demand, and they simultaneously draw investment flows that respond to momentum rather than to affordability.

Silver has followed a related path, trading near $58 per ounce in late July after a 48 percent gain over the trailing year.

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