LBMA Market ReportOctober 14, 2026LBMA Precious Metals Market Report: Q3 2026Read the latest LBMA Precious Metals Market Report, which covers the period of the third quarter of 2026.

AI desk brief

Gold spent Q3 2026 firmly above $4,000/oz, with the LBMA noting only four dips below that level; the quarter ranged from $3,978.55 on 1 July to a high of $4,663.70 on 24 August, while most London auction prints sat between $4,000 and $4,400. The report frames the move as a tug-of-war between higher U.S. rates/stronger dollar and persistent central-bank buying, with geopolitical shocks and oil-driven inflation fears also boosting safe-haven demand.

Central banks remained a key support: the WGC said net official-sector purchases have averaged 1,000t annually over the past four years, and 89% of surveyed central banks expected to add gold over the next 12 months. Bloomberg said PBoC bought 63,000oz in August, its biggest monthly purchase since 2023 and a 22-month buying streak, while the Dutch central bank moved 86t back from New York on crisis-preparedness grounds. LBMA’s analyst survey pointed to $4,500/oz year-end gold, with a wide $3,879-$5,100 range.

Silver was more volatile but ended Q3 up 4.26% at $60.730/oz after trading between $55.29 and $70.26. Industrial demand became more nuanced as one leading Chinese solar panel producer said it was replacing silver with copper because prices were nearly 120% higher year-on-year at the start of July; meanwhile the Silver Institute said 2025 mine output rose 3% to 846.6Moz but is forecast to slip 0.3% in 2026 to 844.1Moz. London vault stocks also rose, with gold up 3.78% to 9,821t and silver up 3.22% to 28,985t.