Gold demand from electronics manufacturers rose 5% year over year to 72.5 metric tons in the third quarter of 2026, the World Gold Council said in its November 3 demand report. The council attributed the increase to AI-related investment in servers, data centers and high-performance computing, which offset weakness in mainstream consumer electronics.
Electronics demand reached its highest quarterly level since the final quarter of 2017. Overall technology demand, which includes electronics, other industrial uses and dentistry, increased 3% to 84.8 metric tons.
AI infrastructure supports electronics demand
The council said higher gold prices continued to limit consumption growth as manufacturers reduced material use and substituted alternatives. Those changes included thinner coatings and copper-based interconnects.
It also identified Wi-Fi 7 deployment, satellite and optical communications, memory chips and printed circuit boards as areas of increased gold demand. Electronics growth was strongest in Taiwan and South Korea, supported by semiconductor, memory and packaging activity, the council said.
| Gold-use category | Q3 2025, metric tons | Q3 2026, metric tons | Year-over-year change |
|---|---|---|---|
| Technology total | 82.0 | 84.8 | Up 3% |
| Electronics, included in technology total | 68.9 | 72.5 | Up 5% |
The council’s outlook nevertheless described technology demand as likely to remain broadly stable, with fourth-quarter activity expected to follow the pattern established during the first nine months.
Chipmakers report stronger demand for advanced technology
The council highlighted semiconductor manufacturers’ results as context for AI-related activity. TSMC reported third-quarter net income of NT$763.06 billion on October 15, up 68.7% from a year earlier. Revenue increased 50.9% to NT$1,494.24 billion.
TSMC chief financial officer Wendell Huang said demand for the company’s leading-edge process technologies supported its third-quarter business. Technologies at 7 nanometers and below accounted for 79% of wafer revenue, including an 8% contribution from 2-nanometer shipments.
Micron separately said on September 30 that it was increasing investment in technology, products and manufacturing. Chairman and CEO Sanjay Mehrotra said the company expected a stronger fiscal 2027 after record fiscal 2026 results.
Official buying contrasts with weaker retail demand
The technology increase came within a gold market showing different demand patterns across sectors. The World Gold Council estimated total third-quarter demand, including over-the-counter activity, at 1,369 metric tons, down 1% year over year.
Central banks and other official institutions added a net 321 metric tons, up 42% and the largest quarterly total since the fourth quarter of 2024. Their purchases reached 675 metric tons over the first nine months of 2026, up 6% from the corresponding period a year earlier.
| Demand category | Q3 2026 volume | Year-over-year change |
|---|---|---|
| Central banks and other official institutions, net purchases | 321 metric tons | Up 42% |
| Bars and coins | 268 metric tons | Down 19% |
| Jewelry consumption | 313 metric tons | Down 17% |
Physically backed gold exchange-traded funds added 211 metric tons during the quarter, reversing second-quarter outflows. The council said their holdings reached a record 4,256 metric tons. It attributed weaker bar-and-coin buying to uncertainty about gold’s price direction.
Gold miners advance in November 4 premarket trading
Spot gold rose 3.02% to $4,446.90 an ounce on November 4 as the dollar fell to a one-month low. US-listed shares of Barrick Mining, Newmont, Agnico Eagle Mines and Kinross Gold also advanced in premarket trading.
Separately, Newmont reported third-quarter net income of $2.5 billion and adjusted net income, a non-GAAP measure, of $2.3 billion on October 22. It said its Red Chris Block Cave project was advancing toward an investment decision in early 2027, subject to review and approval.
Newmont estimated development capital at $4.2 billion to $4.8 billion in real terms for the whole project. The range includes contingency and is net of an anticipated C$500 million Canadian government contribution. It excludes costs to transition from open-pit to block-cave operations. Newmont owns 70% of the project.
For its fourth-quarter investment-demand outlook, the council identified higher policy rates, bond yields and a stronger dollar as potential headwinds. It said fiscal concerns, inflation risks, geopolitics and financial-market stress could provide support. Its full-year forecast put 2026 investment demand around 200 metric tons above 2025.
