Gold Demand Tumbles in Q2 Amid Softening Prices

The gold price averaged $4,506.29 per ounce in Q2 2026, according to the LBMA PM price. This is 8% lower than the record high reached in Q1 but 37% higher than the average from Q2 last year.

Global gold jewelry demand fell to 278 tons in Q2, making it one of the weakest second quarters on record. Investment outside over-the-counter (OTC) markets also declined, with net purchases totaling 289 tons in Q2.

However, industrial applications saw a modest rise of 2% year-over-year to 80 tons. Total gold demand, including OTC, was unchanged year-over-year at 1,269 tons in Q2.