World Gold Council or WGC has stated in its latest Gold Demand Trends that total Q1 2026 global gold demand, including OTC, was 2% higher y/y at 1,231 tonnes (t). This modest growth in volumes combined with gold’s exceptional price rise, generated a 74% jump in the value of quarterly demand to a record US$193bn. Bar and coin demand of 474t (+42%) was the second highest quarter on record. Asian investors led the charge, hoovering up gold investment products. Buying of gold-backed ETFs continued in Q1 (+62t), but at a lower rate than the very strong Q1’25 (+230t) following sizable outflows from US funds in March.

Amid record high gold prices, jewellery demand volumes remained under pressure (-23% y/y), while levels of spend again increased (+31%), signalling continued positive sentiment towards gold jewellery. Central banks bought 244t (+3% y/y) of gold on a net basis in Q1 despite a visible uptick in selling activity during the quarter. Demand for gold used in technology edged 1% higher to 82t, fuelled largely by the continued growth in AI infrastructure.

WGC noted that the global supply of gold increased in Q1 by 2% y/y to 1,231t. Modest growth in mine production together with a 5% uptick in recycling generated the increase. Investment demand now far exceeds fabrication. Weaker jewellery demand alongside growing investor interest in gold has changed the composition of demand in recent years.

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