The World Gold Council's Q1 2026 Gold Demand Trends report recorded total gold demand of 1,231 tonnes, up 2% year-over-year, generating a record quarterly value of $193 billion as gold prices surged 74% in value terms from Q1 2025. The LBMA gold price averaged $4,872.9 per ounce in Q1, with gold hitting an all-time high of $5,405 per ounce in January before correcting.
Bar and coin demand surged 42% year-over-year to 474 tonnes, the second-highest quarter on record. Asian investors led the charge, with China bar and coin demand rising 67% year-over-year to a record 207 tonnes. Gold-backed ETFs recorded inflows of 62 tonnes in Q1, though this pace lagged the exceptional Q1 2025 figure of 230 tonnes as US fund outflows moderated the total.
Central banks purchased a net 244 tonnes of gold in Q1 2026, up 3% year-over-year and exceeding the five-year quarterly average. Jewellery fabrication fell 23% in volume terms as record-high prices suppressed consumer purchases, though spending on gold jewellery rose 31% in value terms. Technology demand edged 1% higher to 82 tonnes, driven largely by AI infrastructure growth.