Global central banks and other official institutions bought an estimated 321 tonnes of gold net in the third quarter, above the quarterly average over the past five years. Cumulative gold purchases in the first three quarters reached 675 metric tons, an annual increase of 6%, with China and Poland leading the publicly disclosed buying orders. (Preliminary summary: Why are European countries accelerating their move away from gold in the United States?) (Background supplement: Gold has surpassed U.S. debt for the first time in 30 years! It has become the world's largest foreign exchange reserve. Why is the central bank's asset allocation logic rewritten?) The "Gold Demand Trend in the Third Quarter of 2026" released by the World Gold Council (WGC) on November 3 showed that global central banks and other official institutions are estimated to have purchased a net 321 metric tons of gold in the third quarter, an annual increase of 42%. Strong buying in the second and third quarters has offset the lighter gold buying activity at the beginning of the year, allowing cumulative demand in the first three quarters to exceed the same period last year. This wave of holdings did not occur in a low gold price environment. The association pointed out that although the quarterly average price has fallen from the high point in the first quarter, gold prices are still at a historically high level; reserve diversification and risk management are still the main driving forces for official buying. Strong accumulation for two consecutive quarters, with gold purchases above the five-year quarterly average. Estimates from the World Gold Council and Metals Focus show that net purchases in the third quarter increased by another 8% from about 296 metric tons in the second quarter, and were also higher than the quarterly average of 227 metric tons over the past five years. After the central bank resumed a large-scale increase in holdings in the second quarter, it continued its buying tone in the third quarter. In the first three quarters of this year, the official sector net purchased 675 metric tons of gold, an increase of 6% from the same period in 2025. China and Poland led disclosed buying, while undisclosed activity accounted for bulk In disclosed country data, the People's Bank of China increased its holdings by 63 metric tons in the third quarter, and the Central Bank of Poland increased its holdings by 40 metric tons, making it the main buyer. The pace of the two countries is not the same: China accelerated its gold purchases in the third quarter, accounting for more than half of its cumulative purchases this year; Poland slowed down from 51 metric tons in the second quarter. The overall demand estimate also includes transactions that have not yet appeared in official statistics. Declared net purchases in the third quarter were approximately 120 tonnes; undisclosed activity is estimated to account for approximately 63% of total demand and may reflect delayed declarations or undisclosed buying and selling. Therefore, China and Poland are leading the way in terms of disclosed buying, and the disclosed country-by-country information represents a portion of overall demand. Although buying dominates, central banks also reduce their holdings. Russia's gold holdings listed in the report fell by 19 metric tons, which was the most obvious decrease in the disclosed information in the quarter; the reductions in Qatar, Kyrgyzstan and the United Arab Emirates were relatively limited. The fall in gold prices provides buying space, and reserve dispersion is still the main reason. The association believes that the strengthening of buying orders in the second and third quarters coincides with the fall in the quarterly average gold price from the high point in the first quarter and the reduction in price volatility. Lower prices and volatility may support gold purchases to a certain extent, and the report still places the main motivation on long-term reserve allocation. Buyers such as China, Poland and the Czech Republic have continued their years-long trend of increasing their holdings even in the face of historically high gold prices. For these reserve managers, the decision to purchase gold involves not only the entry price, but also how to diversify reserve assets and manage long-term risks. The continued increase in investment in the second and third quarters is making this type of allocation demand an important purchase in the gold market this year. Related reports UBS calls for gold to be worth $5,200 in the next year: Three major reasons for interest rate cuts, weakening of the U.S. dollar, and central bank sweeps Gold 4,200, Bitcoin 84,000, experts: not competitors, but different stages of de-monetary investment The World Gold Council teamed up with BCG to release a tokenized gold sharing framework, declaring war on Tether and Paxos Gold broke a record high of $4,200! Silver also broke records, and safe-haven assets surged endlessly? 〈Global central banks net purchased 321 metric tons of gold in Q3! China, Poland Dominate Public Buying> This article was first published in BlockTempo, the most influential blockchain news media.