Gold Demand Flat at 1,269 Tonnes in Q2 as Prices Moderate

Global gold demand remained flat at 1,269 tonnes in Q2 2026, according to the World Gold Council (WGC). The total demand for gold was slightly lower than the corresponding quarter of 2025. Central bank purchases and fluctuating investment contributed to this trend.

Investment in gold ETFs, bars, and coins dropped to 262 tonnes in Q2 due to moderation in strong investment momentum witnessed earlier in the year. However, bar and coin investment remained relatively stable, down just 3 per cent year-on-year during the quarter.

The WGC report stated that high prices continued to weigh on jewellery demand, which fell 17 per cent year-on-year as consumers bought less gold and shifted towards lighter products. As a result, first-half jewellery demand by volumes declined, but in terms of value, demand was resilient, rising 22 per cent year-on-year.

The total gold supply during the second quarter remained unchanged year-on-year at 1,269 tonnes, as mine production and recycling diverged. Mine supply rose an estimated 2 per cent year-on-year to 966 tonnes, supported by new production from Canada and Chile.