Who’s Buying Gold in 2026? The World Gold Council’s New Data Has an Answer

The World Gold Council cut its 2026 gold investment demand growth forecast to about 200 tonnes, half its earlier 400-tonne estimate, while raising its central-bank buying outlook and saying full-year purchases should at least match 2025. The revision came as global bar and coin demand fell 19% year on year to 268 tonnes in the third quarter, a four-year low; US demand was 8 tonnes and Indian demand dropped 40%. Central banks added 321 tonnes in the third quarter, up 42% year on year, taking year-to-date purchases to 675 tonnes, with China adding 63 tonnes and Poland 40 tonnes as the largest disclosed buyers. Gold traded at $3,937.98 on Wednesday, down 4.9% from a month earlier.