2026 Gold Demand Supported by Strong Macro Trends, Says Wold Gold Council
Gold | 2026-05-05 06:03:17
The Gold Demand Trends Q1 2026 report highlights continued central bank accumulation, alongside steady inflows into gold ETFs and over-the-counter (OTC) markets.
By Paul Ploumis
SEATTLE (Scrap Monster): The World Gold Council has outlined a cautiously bullish outlook for global gold demand in Q1 2026, driven largely by persistent geopolitical tensions and macroeconomic uncertainty. Ongoing conflicts, including the US–Israel–Iran war, are expected to sustain a strong risk premium for gold, reinforcing its role as a safe-haven asset.
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The Gold Demand Trends Q1 2026 report highlights continued central bank accumulation, alongside steady inflows into gold ETFs and over-the-counter (OTC) markets. However, ETF demand may moderate slightly compared to 2025, while bar and coin investment is projected to strengthen amid inflation concerns and limited alternative investment options in several markets. Asian demand is expected to remain a key pillar supporting global consumption.
High gold prices are likely to weigh on jewellery demand in volume terms, even as spending remains relatively resilient. Central bank purchases are forecast to stay near 2025 levels, supported by ongoing geoeconomic risks, though intermittent reserve mobilization cannot be ruled out.
On the supply side, mine production is expected to edge higher in response to strong prices and margins, while recycling growth may remain constrained due to tight near-market stocks and expectations of further price gains.
POLL
What will be the biggest driver of gold prices in 2026?
Frequently Asked Questions
- What is the outlook for gold demand in Q1 2026?
It is cautiously bullish, supported by geopolitical tensions and economic uncertainty.
- What are the main demand drivers?
Central bank buying, ETF inflows, OTC activity, and rising bar and coin investment.
- How will high prices impact jewellery demand?
Volumes may decline, but overall spending is expected to remain relatively stable.
