LBMA Precious Metals Market Report: Q3 2026 - LBMA

AI desk brief

Gold remained firmly above $4,000/oz in Q3 2026, ranging over 17% from a 1 July low of $3,978.55 to a 24 August peak of $4,663.70 before ending the quarter at $4,176.30 on 30 September. The quarter was driven by a mix of Fed-rate expectations, a stronger US yields backdrop, and geopolitical shocks, while central-bank buying continued to provide a structural bid; the WGC said net purchases have averaged about 1,000t a year over the past four years and 89% of surveyed central banks expected to add gold over the next 12 months.

China remained a key buyer, with Bloomberg citing PBoC purchases of 63,000oz in August, its largest monthly addition since 2023 and a 22-month buying streak, even as Russia’s gold holdings fell to their lowest since January 2020. LBMA’s analyst snapshot pointed to year-end gold around $4,500, with forecasts ranging from $3,879 to $5,100; silver also stayed volatile, rising 4.26% in Q3 to $60.730/oz after trading between $55.29 and $70.26, while the Silver Institute flagged 2025 mine output up 3% to 846.6moz and 2026 output seen edging down 0.3% to 844.1moz.