According to the latest demand report from the World Gold Council, total global gold demand reached $188 billion in the third quarter of 2026, a year-on-year increase of 22%. Among this, net gold purchases by central banks and other official institutions were estimated at 321 metric tons, surpassing the 313 tons of jewelry consumption by global consumers over the same period. Physical investment demand, such as gold bars and coins, declined by 19% to 268 tons, while gold ETFs saw an increase of 211 tons. The report pointed out that of the estimated 321 tons of official net purchases, only about 120 tons were disclosed through public state-level activities, with the remaining approximately 201 tons unreflected in public data.