Gold bar demand hits record 3.5 tonnes

Asian investors drove Q1 gold buying.

Bar and coin gold demand rose 42% YoY to a record 3.5 tonnes in the first quarter of 2026, as investors turned to gold despite surging prices.

The World Gold Council said global gold demand, including over-the-counter purchases, rose 2% YoY to 1,231 tonnes. In value terms, demand jumped 74% to a record US$193b.

Bar and coin demand rose 42% globally to 474 tonnes, supported by gold’s price momentum and safe-haven appeal. China’s bar and coin demand surged 67% to a record 207 tonnes, exceeding its previous quarterly high of 155 tonnes in the second quarter of 2013.

Southeast Asian markets also recorded stronger investment demand. Indonesia’s demand rose 47%, Malaysia’s increased 57%, and Thailand’s climbed 35%, whilst Vietnam posted a 24% decline.

Physically backed gold exchange-traded funds added 62 tonnes globally in the quarter. Asian-listed funds added 84 tonnes, outpacing every other region and extending Asia’s role as a key driver of gold ETF growth.

Jewellery demand fell 23% YoY to 300 tonnes as higher prices weighed on volumes. Singapore jewellery consumption declined 13% to 1.5 tonnes, reflecting weaker demand across major markets including China, India, and the Middle East.

Central banks added 244 tonnes to global gold reserves in the quarter, exceeding both the previous quarter and the five-year average. Total gold supply rose 2% to 1,231 tonnes, with mine production reaching a first-quarter record.

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