World Gold Council: association and data source
The World Gold Council (WGC) is the membership organisation of major gold mining companies. It is best known for its market research: when the media report on central bank gold purchases or jewellery demand, the figures usually come from the WGC.
What is the World Gold Council?
The WGC was founded in 1987 by gold mining companies. It sees itself as an organisation that champions the role of gold as a strategic asset. It does not trade gold or set prices; instead, it carries out research, provides information and works on standards for the market.
The WGC describes its work in terms of three goals: improving understanding of gold, making gold easier to access and strengthening trust in the market. This includes, for example, principles for responsible gold mining.
Who are the members?
The WGC has 29 gold mining companies as members. They are headquartered in various countries and operate mines in more than 45 countries. The association is led by a board made up of chairs or chief executives of the member companies and the head of the WGC.
Because the members produce gold, they have an interest in stable demand. This should be borne in mind when assessing WGC studies and commentary. Its statistics are nonetheless regarded as the standard source, because their methodology is documented and long time series are available.
What is in Gold Demand Trends?
Gold Demand Trends is published every quarter. It sets supply from mine production and recycling against demand, broken down into jewellery, technology, bars and coins, exchange-traded funds and central banks. The underlying data is provided by the research firm Metals Focus.
Besides the global report, there are analyses of individual markets, such as a separate edition for the US. The data is available on the WGC’s Goldhub platform, along with monthly market commentaries and overviews of gold funds and central bank reserves.
For readers, the breakdown of demand is particularly useful. It shows whether demand is shifting from jewellery towards investment, or whether central banks are buying more or less. On the supply side are mine production, recycling of old gold and producer hedging.
What figures does the report give for Q3 2026?
The report for the third quarter of 2026 was published on 3 November 2026. Total demand was 1,369 tonnes, 1% below the same quarter of the previous year. Because of the high price, its value rose by 22% to US$188 billion. The LBMA Gold Price in the afternoon averaged US$4,262 per ounce over the quarter, 23% more than a year earlier.
Central banks bought 321 tonnes, the most since the fourth quarter of 2024. Technology demand reached its highest level since the end of 2021. On the supply side, mine production reached a record for a third quarter at 1,071 tonnes, while recycling fell to its lowest level since the end of 2023. Producer hedging reduced supply by a net 17 tonnes.
| Category | Volume | Change year on year |
|---|---|---|
| Central banks | 321 tonnes | +42% |
| Gold ETFs, inflows | 211 tonnes | −6% |
| Jewellery | 313 tonnes | −17% |
| Bars and coins | 268 tonnes | −19% |
| Technology | 85 tonnes | +3% |
| Mine production | 1,071 tonnes | +3% |
| Recycling | 314 tonnes | −8% |
How should the figures be interpreted?
Quarterly figures fluctuate. Looking at several quarters is more meaningful: according to the WGC, demand in the first nine months of 2026 was 3,881 tonnes, almost level with the record of 3,884 tonnes in the same period of the previous year. Gold fund holdings reached a high of 4,256 tonnes at the end of September.
The figures are based on surveys and estimates by Metals Focus. Individual quarters can be shaped by one-off effects, so comparisons over several quarters are more meaningful.
