ETF Outflows Weigh on US Gold Demand in Q2

US gold demand fell sharply in Q2 2026 to 8 tonnes, well below its 10-year quarterly average of 90 tonnes.

The decline was driven primarily by continued weakness in US-listed physically backed gold ETFs, which recorded a net outflow of 61 tonnes in the first half of the year.

ETF outflows were concentrated and not continuous, with large reductions occurring in March and June.

However, bar and coin investment saw signs of improvement, with demand rising year-over-year (y/y) but moderating from Q1 levels.