Gold Demand Flats as Price Momentum Cools in Q2

The World Gold Council's Gold Demand Trends report revealed that total gold demand in Q2 2026 was flat year-on-year at 1,269 tonnes due to a decline in investment. The gold price had eased from record highs seen at the start of 2026.

Demand during H1 was 2% higher year-on-year to an estimated 2,522 tonnes worth $380 billion. Investment in gold ETFs, bars, and coins dropped to 262 tonnes in Q2 as the lower gold price tempered the strong momentum seen earlier in the year.

The decline was primarily driven by 45 tonnes of outflows from gold-backed ETFs in Q2, although first-half ETF demand remained modestly positive at 18 tonnes. Bar and coin investment was relatively stable, down just 3% year-on-year in Q2, while first-half demand was still 21% higher than at this point last year.

Central banks and other official institutions added a net 289 tonnes to reserves in Q2, up 62% year-on-year, as buying picked up across several markets. Despite the stronger second quarter, first-half demand remained below the elevated levels seen in recent years due to weaker activity in Q1.