Global central banks purchased 321 tonnes of gold in the third quarter of 2026, their largest quarterly purchase in almost two years. The increase followed 296 tonnes in the second quarter, exceeded the five-year quarterly average of 227 tonnes and brought year-to-date demand to 675 tonnes. China and Poland were the largest buyers, and purchases continued in October. Meanwhile, the gold-to-Bitcoin ratio rose by about 20%, showing that gold has recently outperformed Bitcoin, whose price fell from above $80,000 to $65,000. The trend does not invalidate Bitcoin’s scarcity thesis, but it highlights gold’s current appeal to sovereign reserve holders.
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