Gold Report
Global physical gold demand up 2% YoY in Jan-Mar, rises 74% in value - WGC
This story was originally published at 13:02 IST on 29 April 2026
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MUMBAI – Global demand for gold rose 2% on year to 1,231 tonnes in the March quarter, but surged 74% to $193 billion in value terms, thanks to a huge rise in prices of the yellow metal, according to the World Gold Council.
The quarter saw demand for bars and coins rising to 474 tonnes, up 42%, marking the second highest quarterly demand on record. Asian investors led the charge, pushing up gold investment products, it said in its report on trends in gold demand for the first quarter of 2026, released Wednesday.
Buying of gold-backed exchange-traded funds was 62 tonnes, down 65% on quarter and 73% on year. This was due to sizable outflows from US funds in March, the report said.
Although high gold prices affected jewellery demand in physical terms, the level of spend rose during the quarter. The volume fell 23% on year, but rose 31% in terms of spend.
Central banks net bought 244 tonnes of gold during the March quarter, up 17% on quarter and 3% on year, the report said. This was despite a rise in selling of gold by some of them.
Demand for gold used in technology edged 1% higher on year to 82 tonnes, fuelled largely by the continued growth in artificial intelligence infrastructure.
During the quarter, gold price set by the London Bullion Market Association established a new quarterly average record of $4,873 per ounce. The supply of gold increased in the quarter by 2% on year to 1,231 tonnes. "Modest growth in mine production, together with a 5% uptick in recycling, generated the increase."
The report pointed out that investment demand for gold now far exceeds fabrication. The composition of demand for gold has in recent years undergone a change, with consumption demand for jewellery turning weaker even as investment demand rose.
For the rest of 2026, investment and central banks' demand will be supported by ongoing geopolitical risks, with further investment impetus from elevated inflation and persistent high gold prices. Jewellery demand will remain under pressure for similar reasons, but spending will likely remain resilient, the report said. End
US$1 = INR 94.72
Reported by Abhijit Doshi
Edited by Tanima Banerjee
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