WGC: Global Gold Demand Holds Steady in Q2 Despite Lower Prices
Gold | 2026-07-30 06:05:41
Total gold demand remained unchanged year over year at 1,269 metric tons in the second quarter.
By Paul Ploumis
SEATTLE (Scrap Monster): Global gold demand remained resilient during the second quarter of 2026 despite softer prices. Robust central bank buying and steady investment activity helped offset weaker jewellery consumption, according to the latest Gold Demand Trends report released by the World Gold Council (WGC).
Total gold demand remained unchanged year over year at 1,269 metric tons in the second quarter. For the first half of 2026, total demand reached 2,522 tons, marking a 2% increase from the same period last year. In value terms, H1 demand surged to a record US$380 billion, aided by elevated gold prices.
Gold exchange-traded funds (ETFs) recorded net outflows of 45 tons during the quarter. The decline was primarily attributed to lower gold prices, stronger U.S. dollar performance, and higher inflation and interest rate expectations, particularly in North America, the WGC report noted.
Retail investment remained stable, with global bar and coin demand totaling 307 tons. Meanwhile, central bank gold purchases increased significantly to 289 tons. Technology demand also edged higher to 80 tons, driven by artificial intelligence-related applications. However, jewellery demand slumped to its weakest quarterly volume since the pandemic, at 278 tons.
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What was the biggest driver of global gold demand in Q2 2026?
Frequently Asked Questions
- What supported global gold demand in Q2 2026?
Strong central bank buying and steady retail investment helped offset weaker jewellery demand and ETF outflows.
- Why did gold ETFs record net outflows?
ETF outflows were driven by lower gold prices, a stronger U.S. dollar, and higher inflation and interest rate expectations, particularly in North America.
- How much gold did central banks purchase during the quarter?
Central banks purchased 289 metric tons of gold in Q2 2026, providing significant support to overall demand.
