By Ben McGregor | November 4, 2026

Central banks bought 321 tons of gold in the third quarter of 2026, the highest quarterly total since the end of 2024 and 42 percent above the same quarter a year earlier. The World Gold Council reported the figure on November 3. The purchases were led by the People’s Bank of China, followed by the National Bank of Poland. Year-to-date official-sector buying reached 675 tons, up 6 percent from the same period in 2025. The Council raised its full-year 2026 central-bank demand forecast to at least match the 848 tons purchased in 2025. These are the figures published by the World Gold Council.

What did the World Gold Council report on central bank gold buying?

Louise Street, senior markets analyst at the World Gold Council, said in a November 3 statement: “Central Banks remained an important pillar of demand as pronounced buying continued from the official sector.” The report stated that a strong third quarter was driven by “portfolio diversification and risk management.” Total third-quarter central bank demand of 321 tons sat firmly above the five-year quarterly average of 227 tons. Overall gold demand in the quarter fell 1 percent to 1,369 tons. Bar-and-coin demand declined 19 percent year over year to 268 tons, and jewelry demand fell 17 percent. The Council noted that retail investors were waiting for a clearer price trend to emerge. Physically backed gold ETFs reversed the second-quarter trend and attracted 211 tons of inflows, taking holdings to an all-time high of 4,256 tons and generating a record $31 billion of quarterly inflows.

Why does the central bank gold buying matter to investors?

Official-sector purchases have provided a consistent source of demand even as retail and jewelry buying slowed. The World Gold Council described central banks as remaining “an important pillar of demand.” The raised 2026 forecast implies continued support from the official sector if the projected pace is realized. On the supply side, mine production climbed 3 percent to a third-quarter record of 1,071 tons, while recycling fell 8 percent to 314 tons. Street said: “The third quarter was a mixed bag for gold demand.” She added: “Gold ETF inflows came roaring back, with geopolitical risk and concerns around fiscal discipline driving institutional interest, in contrast to retail investors who held back amid uncertainty over the gold price outlook.”

What is the outlook for gold prices after the report?

Looking ahead, the World Gold Council noted that gold markets will face a balancing act. On one hand, increasing interest rates and a mixed inflation outlook could dampen the yellow metal. On the other hand, geopolitical strife in the Middle East and Eastern Europe, along with stress in global financial markets, could weigh on precious metals. Ross Maxwell, chief strategy officer at VT Markets, said in a note emailed to The Epoch Times that a divided Congress could provide a more supportive environment if reduced fiscal expansion expectations lead to lower yields and a weaker U.S. dollar. He added: “This could strengthen Gold’s outlook beyond temporary safe-haven demand surrounding Election Day.” He also noted that stubborn inflation and a hawkish Federal Reserve could keep real yields elevated, potentially capping gold’s recovery.

What to watch next

• November 6, 2026: U.S. employment report and its implications for rate expectations.
• December 9, 2026: FOMC decision and updated economic projections.
• Whether central-bank buying continues at a pace consistent with the World Gold Council’s raised 2026 forecast.
• ETF flow data and any further shifts in retail bar-and-coin demand.
• Developments in U.S. real yields and the dollar after the midterm results.

A dated risk is the October 30 decline that took gold to a one-year low near $3,870. The metal later reclaimed $4,000. Further volatility linked to rate expectations remains possible even with ongoing official-sector buying.

This article is for educational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any security. Past performance is not indicative of future results. Readers should conduct their own research and consult a qualified financial advisor before making any investment decisions. Canadian Mining Report and its authors may hold positions in securities mentioned.

Sources

• World Gold Council Q3 2026 Gold Demand Trends report, as summarized in coverage dated November 3–4, 2026
• Louise Street, senior markets analyst at the World Gold Council, November 3 statement
• Ross Maxwell, chief strategy officer at VT Markets, comments to The Epoch Times
• Associated market data on gold prices and ETF flows