The first quarter of 2026 will go down in the history of the global investment gold market. Worldwide demand for physical gold reached the second-highest quarterly result in history in terms of volume, and the highest in history in terms of value – USD 74 billion. The dynamic rise in investor interest also translated into record results for Mennica Skarbowa, a company listed on the NewConnect market of the Warsaw Stock Exchange, which recorded a significant increase in revenue, a multiple increase in profits, and a clear rise in the level of gold inventory available “off the shelf.” Mennica Skarbowa closed the first quarter of 2026 with revenue of PLN 471 million, representing a 42.6% increase compared with the corresponding period of the previous year.
According to World Gold Council data, global demand for physical investment gold in the first quarter of 2026 amounted to 474 tonnes, an increase of 42% year-on-year. This was the second-highest quarterly result in the market’s history – a higher figure was recorded only in the record second quarter of 2013. The value of sales looks even more impressive. Demand for gold reached USD 74 billion, the highest monetary result in the history of the investment gold market. By comparison, the average quarterly value of demand over the past five years was around USD 23 billion.
– The first quarter of 2026 was one of the strongest periods in the history of the global investment gold market. We saw record demand in practically all key markets, and investor interest was driven both by geopolitical factors and by record prices for the metal. For Mennica Skarbowa, this meant historically high sales and a very clear improvement in financial results. What matters especially to us is that, thanks to appropriately increased inventory, we were able to maintain high product availability for customers despite a very difficult supply situation in the market. At the same time, we are observing growing customer activity in the gold buy-back segment – many investors who bought the metal in previous years are now choosing to realize part of their profits at record price levels – says Adam Stroniawski, member of the Management Board of Mennica Skarbowa.
World gold sales records
In the first quarter of 2026, the price of gold reached historic highs – in January, the LBMA PM fixing rose to a record USD 5,405 per ounce, and the quarterly average set a new historic record of USD 4,873 per ounce. Converted into złoty, the price of an ounce of gold reached a record PLN 19,379 at the end of January. China remained the biggest driver of global demand. The local market for gold bars and coins recorded its strongest quarter in history. Demand rose to 207 tonnes, beating the record set in 2013. The rise in interest in gold in China was the result of both a weakening real estate market and persistent uncertainty surrounding the Chinese economy, as well as geopolitical tensions. Individual investors increasingly treated physical gold as a primary form of capital protection.
India – the world’s second-largest investment gold market – also recorded very strong growth. In the first quarter of 2026, demand there rose 34% year-on-year, reaching a level of 62 tonnes. This was the best first quarter since 2013. High demand persisted despite record prices for the metal, demonstrating the enduring cultural and investment significance of gold for Indian households.
Strong investor activity also continued in the United States. The US market for gold bars and coins recorded a 14% year-on-year increase in net demand. The start of the year was particularly strong, as record gold prices attracted new retail investors. According to World Gold Council data, gold very often made the headlines of financial media, further boosting interest in investing in the metal. Toward the end of the quarter, a price correction once again spurred investment purchases.
Clear increases were also visible in Europe. Total demand for physical investment gold on the continent rose 50% year-on-year, reaching 41 tonnes. Austria was one of the leaders in growth, with demand rising by as much as 100% quarter-on-quarter. Germany and Switzerland, the two largest gold trading centers in Europe, also posted strong results. Poland was also among the fastest-growing markets, accounting, together with other countries in the region, for demand of 10.6 tonnes, 41% higher than in the previous quarter.
Mennica Skarbowa strengthens its market position
The strong global investment trend translated very clearly into the results of Mennica Skarbowa – one of the largest investment gold dealers in Poland. The Company closed the first quarter of 2026 with revenue of PLN 471 million, a 42.6% increase compared with the corresponding period of the previous year. The Company’s operating results and profitability grew even more strongly. Profit on sales reached PLN 12.5 million, compared with PLN 3.1 million a year earlier, while operating profit amounted to PLN 12.3 million, compared with PLN 2.9 million in the first quarter of 2025. Mennica Skarbowa’s net profit for the first quarter of 2026 amounted to PLN 8.6 million.
„The clear increase in our gold inventory levels also deserves particular attention. The value of Mennica Skarbowa’s inventory at the end of March 2026 amounted to PLN 132.7 million and was 43.9% higher than a year earlier. This is the result of a strategic increase in the availability of investment products in response to record demand and limited supply on the global market. Thanks to this decision, we are able to provide customers with broad availability of investment products without a wait of many weeks for orders to be fulfilled. We will strive to keep our inventory levels at a similar level, as the popularity of gold among investors is growing. And we continue to maintain our forecast that the price of this metal may return to levels of USD 5,500 per ounce by the end of this year” – adds Adam Stroniawski of Mennica Skarbowa.
At the same time, the Company is observing a clear increase in customer activity in the gold buy-back segment. After many quarters of intensive purchases, some investors are now choosing to realize profits, taking advantage of record-high metal prices. According to market representatives, the increased supply of gold from individual customers is a natural element of the market’s maturation and confirms the growing investment awareness of Poles. More and more people today treat gold not only as a safe haven, but also as an asset that is actively managed depending on market conditions.
According to World Gold Council forecasts, a high level of interest in gold may continue in the coming quarters as well. Key factors supporting demand remain geopolitical tensions, purchases by central banks, and capital inflows into gold-based ETFs.
Mennica Skarbowa is the largest distributor of investment gold and other precious metals in Poland. The company is listed on NewConnect, the alternative market of the Warsaw Stock Exchange. The company’s main area of business is the sale of investment gold (bars and bullion coins), as well as other precious metals, diamonds, and collectible products. Products from Mennica Skarbowa’s offer can be purchased at 16 branches: in Białystok, Bydgoszcz, Częstochowa, Gdańsk, Kalisz, Katowice, Kielce, Kraków, Lublin, Łódź, Poznań, Rzeszów, Szczecin, Warsaw, Wrocław, and Zielona Góra, as well as via the website: mennicaskarbowa.pl.
