Global Gold Purchases during Q1 2026: Findings from the World Gold Council Reports
We have observed significant price fluctuations of gold during the first quarterly of 2026. In January, gold prices hit a new quarterly average record but then corrected significantly in February. Geopolitical factors are, in part, behind the fluctuations. This report, based on findings of the World Gold Council, reviews recent key gold supply and demand trends globally as well as the U.S. and India.
Global Gold Demand During Q1
Global demand of gold hit a new record high value in Q1 2026. The WGC outlines several reasons for this. First, bar and coin demand was the second highest on record, with most demand coming from Asia. Second, buying of gold Exchange Traded Funds (ETFs) continued in Q1, but at a lower rate than in Q1 of 2025. Central banks bought 244 tonnes of gold, which is a year-over-year increase of 3%. This increase held despite central bank selloffs during Q1 2026. Third, demand for gold in technology increased by 1%, primarily because of its use in AI infrastructure. However, the WJC did state that jewellery demand volumes (year-over-year) remained under pressure (because of the high prices) while spending on jewellery increased.
Key Quarterly Global Trends in Gold Supply and Demand
| Q4 2025 | Q1 2025 | % Change | |
| Supply | |||
| Mine Production | 968.4 | 884.7 | – 9% |
| Recycled Gold | 365.7 | 366 | + 5% |
| Total Supply | 1310.2 | 1230.9 | -6% |
| Demand | |||
| Jewellery Fabrication | 438 | 335 | -24 % |
| Jewellery consumption | 437 | 299.7 | -31% |
| Technology | 82.1 | 81.6 | – 1% |
| Investment | 602.9 | 535.6 | -11% |
| Total Bar and Coin | 428 | 473.6 | +11% |
| ETFs and similar | 174.9 | 62 | -65% |
| Central Banks and other institutions | 207.6 | 243.7 | +17% |
| Total Demand | 1310.2 | 1230.9 | -6% |
Source: World Gold Council – ‘Gold Demand Trends: Q1 2026’ [1]
From the table above, we can observe that the selling of gold ETFs during Q1 of 2026 was significant. However, central banks’ overall purchases increased during this quarterly. The WGC also highlights that weakening jewellery demand (from higher prices) is combined with rising interest gold from investors.
Gold Demand in the United States: Q1 2026
According to the WGC, gold demand in the U.S. was mixed. ETFs faced a quarterly-over-quarterly selloff of 117%, jewellery demand declined by 64%, bar and coin demand declined by 20%, while demand in technology increased by 5%. The growth in technology was supported by electronics, industrial, and dentistry usage. Overall, total U.S. demand decreased during Q1, primarily because of ETF selloffs. [2]
Gold Demand in India: Q1 in 2026
As stated above, high gold prices have affected total volume of gold jewellery purchases in India during Q1 2026. However, total spending on gold jewellery surged during Q1; in fact, spending was a record high. Demand during this quarter was led by wedding-related jewellery purchases. The WGC states that India accounted for 22% of jewellery demand in Q1, ranking 2nd in the world. (China is 1st and the U.S. is 3rd .)
In terms of overall gold investment in India, growth during Q1 was led by investment demand, which was higher than jewellery demand or bar and coin demand. The WGC stated that India’s overall gold demand increased by 10 %, when compared to year-over-year from Q1 2025 to Q1 2026. However, total gold demand from Q4 2025 to Q1 2026 decreased by 33% (U.S. dollars). [3]
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Source:
[1] World Gold Council, https://www.gold.org/goldhub/research/gold-demand-trends/gold-demand-trends-q1-2026?utm_medium=email&utm_source=newsletter&utm_campaign=GOLDHUB%3A+Your+Weekly+Gold+Market+Round-up%2C+May+01%2C+2026
[2] World Gold Council, https://www.gold.org/goldhub/research/gold-demand-trends/gold-demand-trends-us-focus-q1-2026?utm_medium=email&utm_source=newsletter&utm_campaign=GOLDHUB%3A+Your+Weekly+Gold+Market+Round-up%2C+May+01%2C+2026
[3] World Gold Council, https://www.gold.org/goldhub/research/gold-demand-trends/gold-demand-trends-india-focus-q1-2026?utm_medium=email&utm_source=newsletter&utm_campaign=GOLDHUB%3A+Your+Weekly+Gold+Market+Round-up%2C+May+01%2C+2026
Disclaimer:
This summary is based on publicly available information from the World Gold Council. It is provided for educational and informational purposes only. Though it has been taken to ensure accuracy, we make no representations or warranties of the reliability of the information.
Forward-looking statements, projections and estimates are subject to risks as outlined in the original company disclosures. Readers should consult official texts for full context. Nothing in the articles constitute forecasting, investment or financial advice. Please seek guidance from a qualified professional before making any investment decisions.
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