Central Banks Buy 321 Tonnes of Gold
Central banks bought gold at the fastest pace since late 2024 in the third quarter of 2026, even as prices fell after the Iran war began.
Updated on Nov. 3, 2026 in Economic Indicators
Central banks bought a net 321 tonnes of gold in the third quarter of 2026, the fastest pace since the end of 2024, according to the World Gold Council's quarterly report. Gold-backed exchange-traded fund holdings rose 211 tonnes to a record over the same period.
Why it matters
Central bank buying is a major source of demand for gold, and the quarter's activity came as the metal had lost about a quarter of its value since the Iran war began in late February. Weaker prices and a stronger dollar may have encouraged some monetary authorities to add to their reserves.
Central bank buying totaled 321 tonnes in the third quarter, with 675 tonnes bought year-to-date, slightly ahead of 2025's pace, according to World Gold Council estimates. Nearly two-thirds of that buying was not disclosed by the monetary authorities involved, leaving most buyers unidentified.
The players
World Gold Council
The World Gold Council is the market development organization for the gold industry, which publishes quarterly data on gold demand and supply.
Metals Focus Ltd.
Metals Focus is a precious-metals research firm that calculates central-bank gold purchases on behalf of the World Gold Council.
The details
China added 63 tonnes and Poland added 41 tonnes, the largest disclosed buyers, while Russia sold 19 tonnes and was the only major seller. Mine output rose 3% to a third-quarter record of 1,071 tonnes, while recycling fell 8% and bar and coin demand fell 19%.
Timeline
- January 2026: Gold reached a record high in a multiyear rally.
- Late February 2026: The Iran war began, pressuring gold prices.
- July to September 2026: Central banks bought 321 tonnes and gold-backed ETF holdings hit a record.
- November 3, 2026: The World Gold Council published the quarterly report.
Macro View
The third-quarter pace extends a central-bank buying pattern tracked in the World Gold Council's Gold Demand Trends series, where official-sector purchases have been a steady source of demand. Year-to-date buying of 675 tonnes runs slightly ahead of 2025, suggesting the trend has not reversed despite the war-driven price slump.
For households, the main effect is indirect: gold jewellery demand fell 17%, the weakest third quarter since 2000, which may affect retail prices and the market for gold purchases. Central bank buying also helps set the price floor for the metal that many savers hold.
The takeaway
Gold's price swings can look like a signal in themselves, but official-sector buying has been steady, so tracking central bank reserve data is a useful check on longer-term demand. Readers watching gold-linked assets may want to watch these quarterly reports rather than daily price moves.
Further reading
For broader context on the statistics behind this story, see Economic Indicators.
