International News
Gold near fresh all-time highs ahead of US trading session
Gold’s price (XAU/USD) is seeing gains tick up trading near $2,952 at the time of writing, fueled by a weaker US Dollar (USD) and softening US yields in a reaction to the recent German federal election outcome. Although the far-right party Alternative for Germany (AfD) has gained 20% of votes, the Christian Democratic Union of Germany (CDU) is comfortable in the lead with 208 seats against AfD’s 152. US yields dropped off and the CME Federal Reserve (Fed) Futures are now favoring a 25 basis points (bps) rate cut in June, where last week odds were rather for no rate cut in June.
Meanwhile, traders will watch the US Gross Domestic Product (GBP) release for the fourth quarter of 2024 later this week. Given the recent slowdown in US activity and economic data (for example, the softer Services Purchase Managers Index (PMI) reading on Friday), another drop in US yields could be triggered, with markets anticipating the Federal Reserve lowering its monetary policy rate to boost the economy and demand. The US dollar weakened after several reports and economic data points last week revealed that US business activity slowed and consumer confidence waned, with expectations for inflation surging and markets pricing in more rate cuts by the Federal Reserve this year.
International News
WGC REPORT–Gold Demand Trends Q3 2026
Year-To-Date Demand Of 3,881t Virtually Matches The 2025 Record, While Its Value Has Reached A New High Of US$566bn
Total gold demand, including OTC investment and stock changes, was 1% lower y/y at 1,369t. Year-to-date demand of 3,881t virtually matches the 2025 record, while its value has reached a new high of US$566bn.
Key Highlights
Central bank buying jumped to 321t in Q3, led by China and Poland. The strong quarter lifted year-to-date demand to 675t, 6% ahead of the same period in 2025.
Global gold ETFs added 211t in Q3, in a sharp reversal from Q2 outflows. Broad-based buying took holdings to a record 4,256t and generated a record US$31bn of quarterly inflows.
Bar and coin investment fell to a four-year low of 268t. Rangebound prices discouraged fresh buying, although year-to-date demand remained at a 13-year high.
Gold jewellery consumption fell 17% y/y to 313t, the weakest third quarter in our data series. High prices constrained affordability across all markets, but the value of demand edged 2% higher to US$43bn.
Total gold supply slipped 1% y/y to 1,369t. Record third-quarter mine production of 1,071t was offset by an 8% fall in recycling to a three-year low of 314t.
2026 Outlook
We expect continued gold ETF inflows and resilient bar and coin buying, together with robust central bank purchases, to be the principal drivers of overall demand growth. Technology demand should remain firm, but elevated prices will continue to weigh on jewellery volumes. Mine production could reach another record high, but subdued recycling is expected to result in a modest decline in total supply.
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