Global gold demand held flat year-over-year at 1,269 metric tons in the second quarter of 2026 as prices eased from the record highs hit earlier in the year, according to the World Gold Council's Q2 Gold Demand Trends report released July 30. The steady quarter pushed first-half demand up 2 percent year-over-year to an estimated 2,522 tons, worth roughly $380 billion.

Central banks were the standout buyers, adding a net 289 tons to official reserves in the quarter, a 62 percent jump from a year earlier. A World Gold Council survey found 45 percent of central bank respondents plan to keep building gold reserves over the next 12 months. Investment demand told a different story: gold ETFs, bars and coins fell to 262 tons in the quarter, driven largely by 45 tons of outflows from gold-backed ETFs, though bar and coin purchases held relatively steady, down just 3 percent year-over-year.

Over-the-counter investment, supported by Asian buyers, reached 327 tons in the quarter and 571 tons for the first half. Jewelry demand fell 17 percent year-over-year in volume as high prices pushed consumers toward lighter pieces, though the dollar value of jewelry purchases still climbed 22 percent for the first half to $86 billion. On the supply side, mine production rose an estimated 2 percent year-over-year to 966 tons, while gold recycling volumes declined 6 percent despite elevated prices.

Source: World Gold Council - https://www.gold.org/news-and-events/press-releases/gold-market-shows-resilience-price-momentum-cools-q2