{
  "title": "Central-bank net gold purchases and LBMA Gold Price PM",
  "generated_at": "2026-07-24T00:00:00+08:00",
  "as_of": "2026-03-31",
  "frequency": "quarterly",
  "observations": [
    {
      "period": "2022 Q1",
      "date": "2022-03-31",
      "tonnes": 82.7,
      "lbma_pm_average": 1877.2
    },
    {
      "period": "2022 Q2",
      "date": "2022-06-30",
      "tonnes": 158.6,
      "lbma_pm_average": 1870.6
    },
    {
      "period": "2022 Q3",
      "date": "2022-09-30",
      "tonnes": 458.6,
      "lbma_pm_average": 1728.9
    },
    {
      "period": "2022 Q4",
      "date": "2022-12-31",
      "tonnes": 378.6,
      "lbma_pm_average": 1725.9
    },
    {
      "period": "2023 Q1",
      "date": "2023-03-31",
      "tonnes": 286.2,
      "lbma_pm_average": 1889.9
    },
    {
      "period": "2023 Q2",
      "date": "2023-06-30",
      "tonnes": 173.6,
      "lbma_pm_average": 1975.9
    },
    {
      "period": "2023 Q3",
      "date": "2023-09-30",
      "tonnes": 357.7,
      "lbma_pm_average": 1928.5
    },
    {
      "period": "2023 Q4",
      "date": "2023-12-31",
      "tonnes": 219.6,
      "lbma_pm_average": 1971.5
    },
    {
      "period": "2024 Q1",
      "date": "2024-03-31",
      "tonnes": 309.9,
      "lbma_pm_average": 2069.8
    },
    {
      "period": "2024 Q2",
      "date": "2024-06-30",
      "tonnes": 211.5,
      "lbma_pm_average": 2338.2
    },
    {
      "period": "2024 Q3",
      "date": "2024-09-30",
      "tonnes": 199.5,
      "lbma_pm_average": 2474.3
    },
    {
      "period": "2024 Q4",
      "date": "2024-12-31",
      "tonnes": 365.1,
      "lbma_pm_average": 2663.4
    },
    {
      "period": "2025 Q1",
      "date": "2025-03-31",
      "tonnes": 237.0,
      "lbma_pm_average": 2859.6
    },
    {
      "period": "2025 Q2",
      "date": "2025-06-30",
      "tonnes": 179.3,
      "lbma_pm_average": 3280.4
    },
    {
      "period": "2025 Q3",
      "date": "2025-09-30",
      "tonnes": 226.3,
      "lbma_pm_average": 3456.5
    },
    {
      "period": "2025 Q4",
      "date": "2025-12-31",
      "tonnes": 207.6,
      "lbma_pm_average": 4135.2
    },
    {
      "period": "2026 Q1",
      "date": "2026-03-31",
      "tonnes": 243.7,
      "lbma_pm_average": 4872.9
    }
  ],
  "reference": {
    "quarterly_tonnes": 150,
    "meaning": "600 tonnes per year divided by four; visual reference only"
  },
  "notes": [
    "Quarterly observations are publication-vintage figures collected from WGC Q1 2023, Q1 2024, Q1 2025 and Q1 2026 tables.",
    "Quarterly sums can differ from latest annual totals because WGC revises estimates for unreported activity and rounding.",
    "LBMA Gold Price PM quarterly values are period averages, not quarter-end prices."
  ],
  "sources": [
    {
      "label": "WGC GDT Q1 2023",
      "url": "https://www.gold.org/goldhub/research/gold-demand-trends/gold-demand-trends-q1-2023"
    },
    {
      "label": "WGC GDT Q1 2024",
      "url": "https://www.gold.org/goldhub/research/gold-demand-trends/gold-demand-trends-q1-2024"
    },
    {
      "label": "WGC GDT Q1 2025",
      "url": "https://www.gold.org/goldhub/research/gold-demand-trends/gold-demand-trends-q1-2025"
    },
    {
      "label": "WGC GDT Q1 2026",
      "url": "https://www.gold.org/goldhub/research/gold-demand-trends/gold-demand-trends-q1-2026"
    }
  ]
}