Central banks buy 321 tonnes of gold in the third quarter, up 42%, as the WGC trims its investment-demand outlook

Central banks added a net 321 metric tons of gold to their reserves in the third quarter¹, an increase of 42% from a year earlier^6,7. The pace was the fastest since 2024, according to the World Gold Council, and came as institutional investors also returned to gold-backed funds^3,4,8.

Almost two-thirds of the estimated central bank buying was not disclosed by monetary authorities⁸; the council put the undisclosed share at around 63%⁷. Official purchases topped recent quarterly averages and drove year-to-date buying higher⁹.

Overall gold demand in January to September virtually matched its historic high⁹. Over-the-counter and other demand rose to 143 tonnes¹⁰.

Where demand is weakening

Demand for bars and coins declined in the quarter, though investors returned to gold exchange-traded funds after outflows in the previous quarter^5,10. High prices weighed on consumers⁶.

The World Gold Council lowered its outlook for growth in gold investment demand as bar buying slows^2,11. Spot gold hit a one-year low on Friday and has fallen 29% since reaching a record high of $5,595 an ounce². Only central banks are buying gold aggressively, one assessment concluded⁵.

Why it matters to investors

Official-sector demand is now the main support for a market that has fallen 29% from its peak^2,5. Central bank purchases should support investment demand for the metal, according to market commentary¹², but the scale of undisclosed buying makes the source of that support hard to track^7,8.

Gold also remains tied to the Middle East. Prices slipped as attacks in the region fanned inflation concerns, and spot silver fell as well¹². Gold prices fell after rising 2% from their yearly low¹¹.

The split between official and private demand is stark. Consumers pulled back on bars and coins as prices weighed on them, while central banks lifted purchases by 42%^5,6. That leaves the price more dependent on a small group of official buyers whose decisions are largely undisclosed^7,8.

What to watch

The key questions are whether central banks keep buying at this pace, whether more of those purchases are disclosed, and whether ETF inflows hold up after their rebound^7,10. The council’s lower outlook for investment demand² sets a cautious baseline for private buyers while prices remain far below the $5,595 record².