Spot gold traded near $4,674 per ounce on August 24, 2026, up 39% from a year earlier but well below its January 28 record of $5,589. Central banks bought 863.3 tonnes net in 2025 — led by Poland, Kazakhstan, Brazil, Turkey and China's central bank — while global gold ETFs absorbed a record $89 billion. Bitcoin, meanwhile, fell from an October 2025 peak near $126,000 to roughly $70,000, undercutting its 'digital gold' claim.
How far did gold rally before pulling back in 2026?
Spot gold traded at roughly $4,674 per ounce on August 24, 2026, a level already down from its January peakCITE:E1. That August price is still up about 39% from roughly $3,364 a year earlier, but it sits below the year's all-time highCITE:E1. Gold's record was set on January 28, 2026, at $5,589 per ounce, after which prices retreatedCITE:E2. The climb to that record was fast by historical standards: gold first closed above $3,000 per ounce in March 2025 and above $4,000 per ounce in October 2025, a gap of about seven months between the two round-number milestonesCITE:E2.
What is driving the central bank gold-buying wave?
Central banks added 863.3 tonnes of gold to reserves in 2025, a slower pace than 2024 but still far above the decade-plus averageCITE:E3. The 863.3-tonne total marks a 21% decline from the 1,092.4 tonnes bought in 2024, a pullback the World Gold Council (WGC) attributes to higher gold prices making central banks more cautious buyersCITE:E3. Even so, 2025 purchases remain well above the 2010-2021 annual average of about 473 tonnes, and 2022, 2023 and 2024 each topped 1,000 tonnes — three straight years at that scaleCITE:E3. Poland was the largest single buyer for a second consecutive year, adding 102 tonnes, followed by Kazakhstan at 57 tonnes and Brazil at 43 tonnes; Turkey and China's central bank each added about 27 tonnesCITE:E4. The buyer list is concentrated among emerging-market central banks diversifying reserves away from the US dollarCITE:E4.
How much did investor demand add to the rally?
Global gold ETFs took in a record $89 billion of net inflows in 2025CITE:E5. Total ETF gold holdings ended 2025 at a record 4,025 tonnes, with assets under management reaching $559 billionCITE:E5.
Gold vs bitcoin: which safe haven actually delivered?
Gold and bitcoin diverged sharply in 2026, a split that has undercut bitcoin's framing as "digital gold"CITE:E6. Gold is up about 65% in 2026 to date, having set its record high in late JanuaryCITE:E6. Bitcoin peaked near $126,000 in October 2025 before falling to about $70,000 by mid-2026, leaving it in a loss for the yearCITE:E6.
Key figures at a glance
| Metric | Value | Date |
|---|
| Spot gold price | $4,674/oz | Aug 24, 2026 |
| Spot gold record high | $5,589/oz | Jan 28, 2026 |
| Gold YoY change (to Aug 24) | +39% | — |
| Gold first topped $3,000/oz | — | March 2025 |
| Gold first topped $4,000/oz | — | October 2025 |
| Central bank net gold buying, 2025 | 863.3 tonnes | 2025 |
| Central bank net gold buying, 2024 | 1,092.4 tonnes | 2024 |
| Change in central bank buying | -21% | 2025 vs 2024 |
| 2010-2021 average annual buying | ~473 tonnes | — |
| Poland gold purchases | 102 tonnes | 2025 |
| Kazakhstan gold purchases | 57 tonnes | 2025 |
| Brazil gold purchases | 43 tonnes | 2025 |
| Turkey gold purchases | ~27 tonnes | 2025 |
| China (PBOC) gold purchases | ~27 tonnes | 2025 |
| Global gold ETF net inflows | $89 billion | 2025 |
| Global gold ETF total holdings | 4,025 tonnes | 2025 |
| Global gold ETF AUM | $559 billion | 2025 |
| Gold 2026 YTD change | +65% | 2026 |
| Bitcoin peak | ~$126,000 | Oct 2025 |
| Bitcoin mid-2026 price | ~$70,000 | mid-2026 |
Together, these figures show a two-track demand story: central banks bought 21% less gold in 2025 than in 2024 even as prices climbed toward a record, while ETF investors poured in a record $89 billion — investment demand filled ground that more price-cautious official buyers gave up. The same window that pushed gold to its $5,589 record also saw bitcoin fall from about $126,000 to roughly $70,000, a divergence that separates the two assets' 2026 paths even though both are sometimes framed as hedges against currency and inflation risk.
Author's Take・EffectStory 編輯部
The data points to a handoff in gold demand rather than a single driver: central banks slowed their buying pace by 21% in 2025 even as prices pushed toward a record $5,589 high, while ETF investors added a record $89 billion over the same year — price-sensitive official buyers gave ground to yield- and hedge-seeking private capital. Bitcoin's slide from about $126,000 to roughly $70,000 over the same window shows that 2026's safe-haven flows favored gold, not the asset often marketed as its digital counterpart. The metric worth watching next is central bank tonnage in the WGC's following demand report: if official buying reaccelerates toward the 2022-2024 pace of over 1,000 tonnes a year while gold holds near its current $4,674 level, reserve diversification — not just ETF sentiment — will again be doing the heavy lifting under gold demand.