Gold Demand Steady in Q3 Supported By ETFs and Central Banks

Gold demand was steady in the third quarter despite consistent pressure from rising interest rates and inflation worries.

Total demand in Q3 was 1,369 tonnes, a modest 1 percent decline year-on-year. That drove year-to-date demand to 3,881 tonnes, virtually identical to last year’s 3,884-tonne record through the same period.

In value terms, third-quarter demand totaled $188 billion. Demand value through the first three quarters came in at a record $566 billion.

Central banks globally purchased an estimated 321 tonnes of gold in the third quarter. That’s about 100 tonnes more than the five-year quarterly average of 227 tonnes

The World Gold Council confirmed 120 tonnes of reported central bank gold buying and estimated an additional 201 tonnes of unreported buying. 

Year to date, central banks have purchased 675 tonnes of gold, a 6 percent increase over the same period in 2025.