Global gold demand inches up in Q1 2026, hits record high - World Gold Council

Global gold demand rose to a record in Q1 2026, driven by safe-haven buying amid the Middle East conflict, the World Gold Council said. Total demand was 1,230.9 tonnes (+2% y/y), with the surge in prices producing a 74% jump in quarterly demand value to about US$193bn. Bar and coin purchases were particularly strong (+42% y/y) and gold-backed ETF flows were positive (+62t) despite smaller inflows than Q1 2025 and some U.S. fund outflows in March. Central banks remained net buyers (244t, +3% y/y). WGC expects geopolitical risks to keep supporting central bank purchases, ETF inflows and retail accumulation, while high prices weigh on jewellery and prompt some increase in mine supply. Market impact: stronger fundamentals and continued buyer interest underpin bullish demand dynamics for XAUUSD.