Total global gold demand reached 1,231 tonnes in Q1 2026 -- a 2% increase year-on-year -- generating a record quarterly demand value of $193 billion, up 74% from Q1 2025, as gold's exceptional price rise amplified the value of volumes, according to the World Gold Council's Q1 2026 Gold Demand Trends report published April 29, 2026.

Bar and coin demand surged to 474 tonnes in Q1 -- the second-highest quarter on record -- driven by Asian retail investors reacting to gold's price momentum and safe-haven appeal. Chinese bar and coin demand jumped 67% year-on-year to a record 207 tonnes, far exceeding the previous quarterly record of 155 tonnes set in Q2 2013. South Korea, Japan, the U.S., and Europe all posted meaningful gains, with U.S. bar and coin demand up 14% and European demand rising 50%.

Gold-backed ETF holdings increased by 62 tonnes in Q1, supported primarily by continued strength across Asian-listed funds that added 84 tonnes over the quarter. U.S. fund outflows in March tempered what had been a very strong start to the year.

Central banks bought 244 tonnes of gold on a net basis in Q1, a 3% year-on-year increase, despite a visible uptick in selling from Russia and Turkey. Jewellery demand fell 23% by volume in response to record high prices, though the value of jewellery purchases rose 31%.

Full year 2025 saw total gold demand (including OTC) top 5,000 tonnes for the first time in a year that recorded 53 all-time price highs.

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