Markets
Official buyers stepped up as prices came off their January peak, and most of it went unreported.
Who was buying
The World Gold Council (WGC) estimates that central banks bought 321 tonnes between July and September, well above the five-year quarterly average of 227 tonnes. Only about 120 tonnes was reported by named institutions, Kitco calculated: the People's Bank of China added 63 tonnes and the National Bank of Poland 40 tonnes. The rest, roughly 63% of the total, was not disclosed, a pattern Kitco says has held for four years.
Data
Central bank gold buying, Q3 2026
Tonnes.
Bars drawn to scale.
| All central banks (WGC estimate) | 321 tonnes |
|---|---|
| Five-year quarterly average | 227 tonnes |
| People's Bank of China | 63 tonnes |
| National Bank of Poland | 40 tonnes |
Why official buyers keep buying
The WGC report gives strategic diversification and risk management as the main drivers, and notes that official buying picked up as prices came down from their first-quarter highs. For governments worried about sanctions, wars and the reach of the US dollar, gold held in their own vaults is an asset no other state can freeze. Russia is the reverse case this year: it has been selling gold to cover its budget.
Central banks bought more as the price fell.
The rest of the market
Total demand was 1,369 tonnes, 1% lower than a year earlier, but worth $188bn, up 22%. Gold ETFs took in 211 tonnes, taking holdings to a record 4,256 tonnes. Bar and coin demand fell 19% to 268 tonnes and jewellery demand fell 17% to 313 tonnes, although spending on jewellery edged up to $43bn. Louise Street, senior markets analyst at the WGC, described the outlook as "finely balanced" through to the end of the year.
What it means for gold you own
Central bank demand supports the gold market as a whole, but a ring, chain or sovereign is not valued like a bar in a vault. Hallmarks, maker, age and condition all count. Send us photographs for a free valuation.
Sell to Mozeris
Found something, or inherited a piece? We buy by post and in person.
Free insured collection from your door, or post it to us. Insured to £10,000, paid the same day you accept our offer, and nothing is sold until you say yes.
Sell gold by postSell silver by post
5.0on Google from 141 reviewsMore from Mozeris News
All news
Markets'Where to Sell Gold Jewellery Near Me' Searches Rise 130% in a WeekMore people are looking for somewhere local to sell gold. Here is how to choose well.28 October 2026 2 min read
MarketsSilver and Gold End a Heavy Week Lower as Oil Tops $117A jump in oil prices and a firm dollar kept pressure on precious metals into the weekend, with the US central bank up next.26 October 2026 2 min read
MarketsGold Falls Toward $4,000, a Near Three-Month LowA sell-off in technology shares and a jump in oil pushed gold to its lowest level since July, and silver followed it down.23 October 2026 3 min read
TradeUK Hallmarking Falls in September 2026, but 22ct Gold RisesThe monthly assay numbers are one of the few hard measures of how much new jewellery Britain is making, and September's were mixed.16 October 2026 2 min read
