Global Gold Demand Flat in Q2, India's Consumption Takes a Hit

Global gold demand remained relatively flat in Q2 at 1,269 tonnes, according to the World Gold Council's (WGC) Q2 2026 Gold Demand Trends report. This is almost identical to last year's second quarter figure of 1,268.6 tonnes. However, Indian gold consumption took a hit, falling by 6% to 131.4 tonnes due to higher prices and duty increases.

The WGC also reported that global investment in gold exchange-traded funds (ETFs), bars, and coins declined to 262 tonnes during the quarter. This decrease was largely driven by outflows from gold-backed ETFs. Meanwhile, over-the-counter (OTC) demand supported by Asian investors stood at 327 tonnes in Q2.

The Reserve Bank of India purchased 200 kg of gold during the second quarter, while global jewellery demand fell by 17% year-on-year due to elevated prices. However, jewellery demand by value remained resilient, rising 22% year-on-year in the first half to $86 billion.