Total gold demand in Q1 2026, including over-the-counter transactions, reached 1,231 tonnes, a 2 percent year-over-year increase. The LBMA gold price averaged $4,873 per ounce during the quarter, a 70 percent year-over-year increase that pushed the total quarterly demand value to a record $193 billion, according to the World Gold Council's Gold Demand Trends Q1 2026 report.

Bar and coin demand of 474 tonnes was the second highest quarterly total on record, up 42 percent year-over-year, as Asian investors accelerated gold investment product purchases. Gold bar demand specifically reached 398 tonnes, up 50 percent year-over-year, reflecting strong retail investor conviction in physical gold allocation.

Central banks bought 244 tonnes on a net basis in Q1 2026, up 3 percent year-over-year, despite a visible uptick in selling activity from some reserve managers during the quarter. Technology demand for gold edged 1 percent higher to 82 tonnes, with AI infrastructure buildout contributing to electronics-sector consumption growth.

Jewellery fabrication fell 23 percent year-over-year to 335 tonnes as record high gold prices weighed on volume, though jewellery spending increased 31 percent in value terms, signaling continued positive consumer sentiment toward gold at higher price points.

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