# Gold Benchmark Was 27.6% Below Its January High on Oct. 30 By Enna Lee Canonical URL: https://www.tokenpost.com/news/investing/52373 Published: 2026-11-09T15:00:59.000Z Updated: 2026-11-09T15:00:59.000Z Section: Investing > Third-quarter gold demand reached $188 billion, up 22% from a year earlier, even as the amount bought fell 1% by weight. Gold’s LBMA afternoon benchmark stood 27.6% below its Jan. 29, 2026, high on Oct. 30, while third-quarter demand gained in dollar value even as buyers took less metal. The benchmark was $3,913 per ounce on Oct. 30, down 6.3% during October. Its Jan. 29 high was $5,405 per ounce. The 27.6% gap compares two prices from the same afternoon benchmark series. Global demand, including over-the-counter activity, reached $188 billion in the July-to-September quarter, up 22% from a year earlier. Buyers took 1,369 metric tons, 1% less than in the third quarter of 2025. The quarterly average price rose 23% to $4,262 per ounce, lifting the value of demand even as its weight declined. The demand figures cover activity through Sept. 30; the price reading captures Oct. 30. They measure different periods and do not establish a link between third-quarter purchases and October’s price decline. The mix of buyers also shifted. Central banks and other official institutions recorded an estimated 321.2 metric tons of [net gold buying](), exceeding jewelry consumption of 312.9 metric tons. In the year-earlier quarter, official institutions bought 226.3 metric tons and jewelry consumers took 376.4 metric tons. Country reports available through Oct. 30 showed 120 metric tons of net official-sector buying, below the 321-metric-ton overall estimate. About 63% of estimated official demand was absent from those reports. Delayed reporting and nondisclosure can contribute to the gap. Demand for bars and coins was 267.8 metric tons, down 19% from a year earlier; jewelry consumption fell 17%. Gold-backed funds added 211.2 metric tons in the quarter after 47.3 metric tons of net withdrawals in the second quarter. “The third quarter was a mixed bag for gold demand,” said Louise Street, World Gold Council senior markets analyst. In October, [gold-backed funds received $2.7 billion in net inflows]() and added 19 metric tons. Their combined assets under management nevertheless fell 6% to $542 billion as the gold price declined. The funds held more metal, but the dollar value of their combined assets was lower. ## Links in this article - [net gold buying](https://www.tokenpost.com/news/investing/47476) - [gold-backed funds received $2.7 billion in net inflows](https://www.tokenpost.com/news/investing/50335)