Gold Demand Steady Despite Price Decline in Q2

Gold demand remained steady in Q2 2026 despite softer prices, according to the World Gold Council (WGC). Total gold demand, including over-the-counter investment, held steady year-on-year at 1,269 tonnes. The WGC notes that this is largely unchanged from Q1.

The London Bullion Market Association (LBMA) gold price averaged $4,506.29 an ounce during the quarter, down 8% from the record average set in Q1 but still 37% higher than a year earlier.

Gold prices fell by about $650 per ounce or 14% over the three months due to increased energy prices and expectations of higher interest rates. Despite this decline, gold prices have since traded above the key $4,000 level ahead of the US Federal Reserve's end-of-July policy meeting.