Last Updated on July 30, 2026 by Deon
Gold demand was really strong in the quarter of 2026.
This is because central banks around the world bought a lot of gold. They bought this gold after a start to the year. Analysts at BNY think that central banks will not keep buying gold at the pace. They think that the central banks will buy gold in the coming months. The World Gold Council said that central banks bought 289 tonnes of gold in the quarter.
This is a record amount of gold.
Poland and China bought the gold. This is a change from the first quarter when central banks did not buy as much gold as people thought. The World Gold Council changed the numbers for the quarter. They said that central banks only bought 57 tonnes of gold in the quarter.
This is the amount of gold that central banks have bought in a long time. BNY strategist Geoff Yu said that this is the start to a year for central bank gold buying in more than ten years. Poland and China were the ones who helped gold demand go up.
They are two of the buyers of gold in the world.
Their purchases helped make the total amount of gold bought in the quarter a record.
This shows that gold is still an asset for central banks.
BNY thinks that central banks will buy gold for the rest of the year.
The World Gold Council also thinks that central banks will buy more gold than they did last year.
This means that the price of gold might not go up much as people think.
Central banks will still buy gold. They will not buy as much as they used to.
There are signs that people are not buying as much gold.
For example, people took gold out of accounts that hold gold.
People also did not buy many gold bars and coins.
Jewelry made from gold did not sell well because it was too expensive.
People did not recycle as much gold.
All these things show that people are not as excited about gold as they used to be. People are still not very confident about the price of gold. BNY said that people are not putting much money into gold mining and metals. This shows that people are still not sure about the price of gold. Even though there are still some things that could help the price of gold go up people are being careful. If central banks buy gold and people do not put as much money into gold, the price of gold could be very unpredictable. There are still some things that could help the price of gold in the long run. For example, there are still tensions between countries, and central banks want to diversify their assets. There are also concerns about inflation. These things could still help the price of gold.
In conclusion
Central banks bought a lot of gold in the quarter. This was mostly because of Poland and China. Bny thinks that central banks will not keep buying gold at the same pace. This, combined with the fact that people are not buying much gold, means that the price of gold might not go up as much as people think. But gold still has some long-term support. The price might not go down too much either.
