Generated from the day's market reporting and GoldPrice.Live's own price data, under Rick Adams' editorial guidelines. Sources are linked. Not investment advice.
In Q3 2026 ETFs and central banks together added nearly 296 tonnes of gold, one of the strongest quarterly totals in 23 years of available data. That looks like solid structural demand - except the average gold price for the quarter fell 5.4%, the steepest quarterly decline on record for any quarter with total demand above 150 tonnes since 2003.
The headline figure is the combined ETF and official sector purchases of almost 296 tonnes. That level of buying would usually be a clear bid under prices. The unusual twist is that it arrived while the quarterly average price dropped materially, so the buying did not prevent a pullback in the session covered by the data.
The analysis behind the numbers looks at the obvious cross-currents: demand flows from funds and central banks on one side, and drivers such as conflict, bond yields, inflation and interest-rate expectations on the other. The figures imply persistent structural demand, but the price move in Q3 shows macro variables were strong enough to overwhelm that support during the period reported.
The question for holders and watchers is whether the buying seen in Q3 constitutes a durable support level that can lift gold in Q4, or whether the same macro forces that pushed the price down will reassert themselves. The article examines technical indicators alongside the demand and macro picture, but readers should note that technicals and single-analyst calls are only one part of the story.
Source: Tradingview
