Gold reached new highs in the first quarter of 2026, with the LBMA afternoon price averaging a record $4,873 per ounce, according to the World Gold Council's Gold Demand Trends report. The metal touched a historical high of $5,405 per ounce in January before a notable correction later in the period.

Central bank purchases remained a key driver. Official institutions bought 244 tonnes of gold on a net basis in the first quarter, a 3 percent increase from a year earlier. The Council projects full-year 2026 central bank purchases of 700 to 900 tonnes, broadly in line with 2025 and well above the pre-2022 average. Total gold demand rose to 1,231 tonnes in the quarter, with the value of that demand surging to a record $193 billion.

Technology demand added to the picture, edging up 1 percent to 82 tonnes, supported largely by continued growth in artificial intelligence infrastructure. Regional buying was strong as well, with demand in China jumping 67 percent year over year to a record 207 tonnes, surpassing the previous quarterly record set in 2013. The Council pointed to geopolitics as a central theme shaping gold demand through the rest of 2026.

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