Central banks buy 321 tonnes of gold in Q3, fastest pace since 2024

The headline number matters less than the shape of the year: a slow start followed by an acceleration into Q3 suggests reserve managers were reacting to conditions on the ground rather than following a steady accumulation plan. That timing is what makes official-sector demand a persistent rather than episodic support for the market. The open question is whether this pace holds through year-end, since the World Gold Council's own framing ties the trend to price support — and a reversal in official buying would remove a cushion that private demand has not consistently replaced.