Central banks and other official institutions added a net 321 tonnes of gold to reserves in the third quarter of 2026, the World Gold Council said in its Gold Demand Trends report on Tuesday. The total was 42 percent higher than a year earlier and the strongest quarter since the fourth quarter of 2024, taking buying in the first nine months of the year to 675 tonnes, 6 percent above the same period in 2025.
China was the largest disclosed buyer, adding 63 tonnes in the quarter, followed by Poland with 40 tonnes, while Kazakhstan and Uzbekistan each added 14 tonnes and Russia reduced holdings by 19 tonnes. Disclosed purchases totalled only 120 tonnes, leaving about 63 percent of the estimated total unreported, a visibility gap the council itself flags.
Funds moved the same way. Physically backed gold ETFs took in 211 tonnes in the quarter, reversing second quarter outflows and lifting total holdings to a record 4,256 tonnes. Total gold demand including over the counter activity fell 1 percent year on year to 1,369 tonnes, as bar and coin demand dropped 19 percent to 268 tonnes, its lowest in four years, and jewellery demand stayed weak at high prices.
The official bid matters because spot prices are not confirming it. Gold futures in the site tables fell 1.41 percent to 3,913.7 dollars an ounce and silver fell 3.49 percent to 48.95 dollars, extending a liquidation driven slide from the one year low set on October 30. The council said reserve diversification and risk management remain the main drivers of central bank demand, and that the third quarter price moderation may have encouraged some buying.