
The People's Bank of China's gold purchases hit the highest record since the third quarter of 2022
AI-generated summary
The World Gold Council released the latest "Gold Demand Trend Report", pointing out that total global gold demand (including over-the-counter investment) decreased by 1% year-on-year in the third quarter to 1,369 metric tons. Gold demand in the first nine months of this year reached 3,881 metric tons, almost equaling the previous record set in 2025.
Among the Q3 gold purchase data released by global central banks, the People's Bank of China purchased 63 metric tons, setting a record since the third quarter of 2022. (Reuters)
[Financial Channel/Comprehensive Report] The World Gold Council (WGC) pointed out that although rising interest rates and high bond yields continue to exert significant pressure on the gold market, investment demand and higher-than-expected central bank gold purchases are expected to provide important support for this precious metal before the end of this year. Analysts pointed out that global central banks purchased 321 metric tons of gold in the third quarter, an increase of 42% from the same period last year, and much higher than the average level of 227 metric tons per quarter in the past five years. Of the 321 metric tons of gold estimated to be purchased in the third quarter, only 120 metric tons are officially announced. Among the published gold purchase data, the People's Bank of China purchased 63 metric tons, setting a record since the third quarter of 2022.
The World Gold Council released the latest "Gold Demand Trend Report" on Tuesday (3rd). The report pointed out that total global gold demand (including over-the-counter investment) decreased by 1% year-on-year in the third quarter to 1,369 metric tons. Analysts added that gold demand so far this year has reached 3,881 metric tons, almost equal to the historical record set in 2025. At the same time, despite a slight decline in gold demand, gold consumption in the first nine months of this year still hit a record high of $566 billion.
Looking ahead, the World Gold Council said it expects gold investment demand to increase by approximately 200 metric tons in 2026 compared with last year. Although investment demand remains an important driver of the gold market, this latest forecast is revised downwards from the organization's previous forecast for a full-year increase of 400 metric tons.
On the other hand, the World Gold Council raised its forecast for central bank gold purchases. After unexpectedly strong demand for central bank gold purchases in the third quarter, central bank gold purchases in 2026 are now expected to be at least the same as in 2025.
The latest forecast comes as the gold market struggles to recover from a two-month slump that has pushed gold prices below $4,000 an ounce.
Although investment demand is expected to drive gold demand growth throughout the year, central banks remain an important fundamental force supporting the gold market. Analysts said that global central banks purchased 321 metric tons of gold in the third quarter, an increase of 42% from the same period last year and much higher than the average of 227 metric tons per quarter over the past five years.
Global central bank gold purchases reached 675 metric tons in the first nine months of this year, an increase of 6% compared with the same period last year. The report also specifically mentioned that there is still a large portion of gold purchasing activities in the market that have not been announced to the public. It is estimated that of the 321 metric tons of gold purchased in the third quarter, only 120 metric tons were officially announced. This means that about 63% of the demand comes from undeclared gold purchasing activities, and this situation has lasted for four years.
China and Poland account for the majority of the published gold purchase data, with the two countries purchasing a total of 104 metric tons of gold. The People's Bank of China purchased 63 metric tons, the highest since the third quarter of 2022, while the National Bank of Poland added 40 metric tons.
Analysts pointed out that central banks appear to be increasingly sensitive to changes in gold prices, which may bring a degree of stabilizing effect during market corrections. However, they also reminded that this correlation does not mean that gold prices will definitely find bottom support.
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AI outlook — possibilities, not facts
The amount of gold purchased by the central bank in 2026 will be at least the same as in 2025
Likely · Within months
Gold investment demand in 2026 will increase by approximately 200 metric tons compared with last year
Likely · Within months

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