Gold Demand Steady in Q2-2026 Amid Price Softening

Global gold demand remained steady in Q2-2026, despite a softening of prices. According to the World Gold Council, total gold demand was unchanged year-over-year at 1,269t, driven by central bank buying.

Investment demand held steady at 307t, after two exceptionally strong quarters. However, gold ETFs came under selling pressure in Q2, with outflows of -45t, likely due to weaker gold prices and a strengthening US dollar.

Jewellery demand fell to its lowest quarterly volume since the pandemic, at 278t, as high gold prices and inflationary pressures constrained affordability. In contrast, spending on gold jewellery was up 14% year-over-year at $40bn, highlighting gold's continued importance in share of wallet.