Despite rising oil prices and higher interest rates, central banks accelerated
gold purchases in Q3 to the fastest pace since end-2024, adding 321t in the
three months to September, the World Gold Council said. Year-to-date net
purchases total 675t, slightly above a year earlier after buying slowed in early
2026. The WGC said central bank demand remains a key support for bullion and
that this quarter’s price weakness may have prompted some additional buying. WGC
senior market strategist John Reade said central banks bearish on the dollar may
be more willing to shift reserves into gold if the dollar strengthens. Among
countries reporting quarterly data, China and Poland were the largest buyers
(+63t, +41t); Russia was the only major seller (-19t).
