Gold Demand Holds Steady in Q2 2026 as Central Bank Buying Offsets Softer Jewellery Demand
Global gold demand stayed resilient in the second quarter of 2026 even as prices softened, supported by strong central bank buying and steady investment activity, according to the latest Gold Demand Trends report from the World Gold Council. The report shows that weaker jewellery consumption was offset by broad demand in other segments, keeping overall demand unchanged year over year.
What Readers Should Know
- Global gold demand was unchanged year over year at 1,269 metric tons in Q2 2026.
- First-half demand rose 2% from a year earlier to 2,522 tons.
- H1 demand reached a record US$380 billion in value terms.
- Central bank purchases increased to 289 tons in the quarter.
- Jewellery demand fell to 278 tons, its weakest quarterly volume since the pandemic.
- Gold ETFs posted net outflows of 45 tons during the quarter.
Demand Stayed Firm Despite Softer Prices
Total gold demand held steady at 1,269 metric tons in the second quarter, unchanged from the same period last year. For the first half of 2026, total demand reached 2,522 tons, up 2% from the same period in 2025.
In value terms, first-half demand climbed to a record US$380 billion, supported by higher gold prices.
Why Prices Moved
Gold exchange-traded funds recorded net outflows of 45 tons during the quarter. The World Gold Council said the decline was mainly linked to lower gold prices, a stronger U.S. dollar, and rising inflation and interest rate expectations, especially in North America.
What The Data Showed
Retail investment remained stable, with global bar and coin demand totaling 307 tons. Central bank gold purchases increased sharply to 289 tons, while technology demand rose to 80 tons, helped by artificial intelligence-related applications.
Jewellery demand fell to 278 tons, marking its weakest quarterly volume since the pandemic.
Also Read: WGC: Gold Declines amid Firm Dollar and Higher Bond Yields | WGC: Robust ETF Buying Pushes Gold Back Above $4,000
Frequently Asked Questions
What was total gold demand in Q2 2026?
Total gold demand was 1,269 metric tons, unchanged from a year earlier.
How much did first-half demand rise?
First-half demand increased 2% year over year to 2,522 tons.
What happened to gold ETFs?
Gold ETFs posted net outflows of 45 tons in the quarter.
Which segment saw the strongest buying?
Central bank gold purchases increased to 289 tons.
What was the weakest demand segment?
Jewellery demand fell to 278 tons, its weakest quarterly volume since the pandemic.