Gold Prices Soften in Q2 as Demand Remains Steady

The price of gold averaged $4,506.29 per ounce in Q2 2026, according to recent data from the LBMA (PM). This represents an 8% decrease from the record high set in Q1 but a significant 37% increase over the same period last year.

Gold jewelry demand declined to 278 tons in Q2, one of the weakest second quarters on record. Investment outside of OTC channels also fell to 262 tons due to outflows from gold ETFs and reduced bar and coin demand.

However, net purchases still managed a healthy 289 tons in Q2. When looking at the first half of the year, total demand volume remains unchanged year-over-year at 1,269 tons, but its value has skyrocketed.