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- ⚠️CHART OF THE WEEK: Global gold demand is historically high
⚠️CHART OF THE WEEK: Global gold demand is historically high
The world is scrambling for gold
Global Markets Investor
May 02, 2026
In partnership with
GLOBAL MARKETS INVESTOR’S PORTFOLIO IS 🔥UP +93%🔥SINCE JANUARY 2024
DURING THE MARCH-APRIL 2025 MARKET TURMOIL, MAJOR US INDEXES FELL NEARLY 20%, WHILE THE GMI PORTFOLIO GAINED OVER 5%, FIND OUT HOW BELOW:
Total gold demand rose +2% YoY in Q1 2026, to 1,231 tonnes, posting another strong quarter, according to the World Gold Council.
This comes as bar and coin purchases surged +42% YoY to 474 tonnes, the second-highest quarterly total on record.
This surge was led by Asian investors, while gold ETF inflows attracted +62 tonnes in Q1, though this was well below the +230 tonnes seen in Q1 2025 following sizable outflows from US funds in March.
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Meanwhile, jewellery fabrication fell -23% YoY to 335 tonnes as record high gold prices priced out volume buyers.
Investment demand now far exceeds fabrication demand, a structural shift that reflects growing investor interest in gold.
Zooming into central bank demand, global purchases surged +36 tonnes QoQ in Q1 2026, to 244 tonnes, the highest since Q4 2024, significantly exceeding the 5-year average of ~228 tonnes.
By comparison, the 5-year average in 2016 to 2020 was ~115 tonnes, less than half the current level, and central banks have now bought over +200 tonnes in 10 out of the last 11 quarters.
Last but not least, Tether purchased +6 tonnes of gold in Q1 2026, bringing total holdings to a record 132 tonnes, now worth ~$19.8 billion.
This follows +21 and +26 tonnes acquired in Q4 and Q3 2025, with Tether's gold holdings more than doubling in just 12 months and nearly tripling in value over the same period.
In 2025, the crypto firm acquired more gold than any central bank except Poland, and in Q1 2026, the only central banks that bought more were Poland, Uzbekistan, Kazakhstan, and China.
As a reminder, Tether is the company behind USDT, the world's largest stablecoin, with ~$190 billion in circulation.
Users deposit US Dollars and receive USDT in return, while Tether invests those dollars into assets like US Treasuries and gold to generate profits.
Meanwhile, Deutsche Bank models suggest gold could rise to anywhere between $4,000 and $14,000 per ounce over the next 5 years, depending on how much gold emerging market central banks target as a share of their total reserves.
Even in a scenario where EM FX reserves decline to $5 trillion, gold could still reach $8,000 per ounce if central banks raise their gold allocation to 40% of total reserves.
The most bullish scenario, where EM FX reserves rise to $10 trillion and gold accounts for 40% of total reserves, implies a gold price of $14,000 per ounce.
In sum, the central bank demand for gold remains robust, which is bullish for gold long-term.
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