Global Central Banks Purchased 321 Tonnes of Gold in Q3, Hitting Highest Level Since Late 2024
nashnova research
Global central banks bought 321 tonnes of gold in Q3, up 42% year-on-year — the highest single-quarter haul since late 2024. With prices already well off their highs, whether official buying can keep underpinning demand is now the key test for gold.
Why did central banks accelerate gold buying?
Q3 central-bank purchases hit 321 tonnes, up 42% year-on-year and far above the five-year quarterly average of 227 tonnes.
The World Gold Council's Nov 3 report attributes the surge to portfolio diversification and risk management. In plain terms = central banks want less exposure to any single reserve currency and are hedging with gold.
The People's Bank of China led Q3 buying; Poland's central bank came second.
How much gold will central banks buy this year?
Year-to-date, central banks and official institutions have purchased a combined 675 tonnes, up 6% year-on-year.
The World Gold Council raised its full-year forecast, now expecting 2026 purchases to at least match last year's 848 tonnes.
This means → official gold buying is not a one-off spike but an accelerating structural trend.
What are institutional investors doing?
Physically backed gold ETFs — funds that track the gold price and hold real bullion — posted 211 tonnes of net inflows in Q3, reversing Q2's net outflows.
Total holdings reached a record 4,256 tonnes; the single-quarter dollar inflow hit a record $31 billion.
This reflects institutional money pouring into gold on geopolitical risk and fiscal-discipline concerns.
Why are retail buyers sitting on the sidelines?
Gold-bar and coin demand fell 19% year-on-year to 268 tonnes; jewellery demand dropped 17%.
The World Gold Council says retail investors are waiting for "a clearer price trend" — average Q3 gold was $4,262 per ounce, a level that gives individual buyers pause.
This means → the gold market is split: institutions are piling in while retail waits.
Can the supply side keep up?
Q3 mine output rose 3% year-on-year to 1,071 tonnes, a Q3 record.
Recycled gold fell 8% to 314 tonnes; total supply edged down 1% to 1,369 tonnes.
In plain terms = mines are producing more, but scrap recycling is shrinking — net supply is roughly flat.
Gold has already pulled back sharply — what matters next?
As of Nov 3, COMEX gold traded below $4,000 per ounce, well off the intraday all-time high above $5,600 set in January.
Whether central-bank buying can keep underpinning demand is the key test for price stability ahead.
This reflects a core tension: official and institutional holders are still accumulating, yet the price has already corrected from its peak — whoever blinks first sets the direction.
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