High prices meant people bought less gold jewellery this summer but spent more on it, and fewer owners sold old gold back, according to the World Gold Council's latest Gold Demand Trends.
The World Gold Council's Gold Demand Trends for the third quarter of 2026, published on 3 November, shows jewellery demand fell 17% year on year to 313 tonnes, the weakest third quarter in its data series. Spending on jewellery still rose 2% to US$43bn. Recycled gold fell 8% to 314 tonnes, a three-year low.
Less gold, more money
According to the World Gold Council's Gold Demand Trends: Q3 2026, published on 3 November, demand for gold jewellery fell 17% year on year to 313 tonnes between July and September, the weakest third quarter in the Council's data series. The Council says high prices were a headwind in every market. Yet the money spent on jewellery edged up 2% to US$43bn: buyers took home less metal and paid more for it. The Council expects jewellery volumes to keep easing while prices stay high.
Old gold stayed in the drawer
You might expect high prices to bring a wave of old jewellery back to market. The third quarter did not show that. Recycled gold fell 8% to 314 tonnes, a three-year low, and the Council describes recycling as "broadly unresponsive" to high prices. In other words, owners are not rushing to sell. With mine output at a third-quarter record of 1,071 tonnes, the Council sees mining as the only likely source of modest supply growth.
Where the rest of the demand went
Total demand, including over-the-counter trading, was 1,369 tonnes, down 1%. The year to date stands at 3,881 tonnes, virtually level with the 2025 record of 3,884 tonnes, the Council reports. Central banks bought 321 tonnes in the quarter, and gold exchange-traded funds added 211 tonnes after outflows in the second quarter. Bar and coin buyers were more cautious, with demand down 19% to 268 tonnes as they waited for a clearer trend. Gold used in technology rose 3%, helped by AI-related manufacturing. For the price moves around this week's US vote, see our report on gold's rebound from a one-year low.
What this means for old jewellery
Recycled jewellery is one of the main ways gold comes back to market, and much of it is old: broken chains, odd earrings, rings that no longer fit. But not every old piece should be treated as scrap. Signed pieces, antique work, good stones and period designs are often worth more as jewellery than as metal, so it pays to have them looked at properly before anything is melted. Our guides to antique gold jewellery and selling gold jewellery explain what we look for. Every piece is different: send us a few photos and we will tell you what yours is worth, free and with no obligation.
More from Mozeris News
Looking to buy or sell? Get in touch
We buy and sell antique and vintage jewellery, watches, silver and collectables, with free valuations and free insured collection.
About Mozeris Fine Antiques
Mozeris Fine Antiques is a dealer in fine jewellery, watches and silver, with offices in Mayfair, London, and Braintree, Essex. We buy and sell, and offer free valuations. Visits are by appointment.
Figures as published by the World Gold Council, used for review and commentary with credit. Nothing here is investment advice or a forecast. Mozeris Fine Antiques is not connected with the World Gold Council. No photograph is used because no licensed image was available.
