International News
Gold prices surged to an all-time high breaching $3,300/oz
Gold prices surged to an all-time high on Wednesday, breaching $3,300 an ounce in international spot markets for the first time as escalating U.S.-China trade tensions sent investors fleeing to traditional safe havens.
The yellow metal climbed to $3,318 per ounce in overseas trading, extending its recent rally and drawing closer to the symbolic ₹1,00,000 per 10 grams mark for 24-karat gold in India. Domestically, prices mirrored the global trend: in Delhi, gold was quoted at ₹98,100 per 10 grams by evening, while June futures on the Multi Commodity Exchange (MCX) hit a record ₹95,435.
President Trump’s directive for a probe into critical minerals added to the market anxiety, reinforcing the rush toward safe haven assets.
The sharp price escalation, however, has chilled consumer demand in India—the world’s second-largest gold market—prompting local jewelers to sell at a discount to imported prices. Gold is currently trading at a 1–2% discount to its landing cost in Indian markets.
Meanwhile, silver has trailed the gold rally. International spot prices for the white metal hovered around $32.80 per ounce Wednesday, crossing ₹1,00,000 per kilogram in Delhi, but still lagging behind gold in terms of momentum.
For now, analysts expect gold’s bullish run to persist, fueled by geopolitical uncertainty, inflation concerns, and growing investor caution.
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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