US gold demand fell sharply in the second quarter of 2026, according to the World Gold Council Gold Demand Trends US Focus report. Total US demand dropped to just 8 tonnes in Q2, far below the 10-year quarterly average of 90 tonnes, bringing first-half demand to 41 tonnes.

The decline was driven almost entirely by outflows from US-listed physically backed gold ETFs. Holdings fell by 40 tonnes in June alone, following a combined decline of just 4 tonnes across April and May. The pattern echoed a similar concentrated selloff in March, when ETF holdings dropped 85 tonnes, or roughly $13 billion, the largest monthly outflow in dollar terms on record. Combined, US gold ETFs recorded net outflows of 61 tonnes in the first half of the year, the fourth largest first-half decline in holdings on record.

The World Gold Council attributed the outflows to three factors: investors taking profits and rebalancing after gold record run in early 2026, a stronger dollar and higher yields that raised the opportunity cost of holding gold, and renewed price weakness in June that reduced near-term return expectations.

Not every category weakened. Bar and coin investment rose year over year in Q2, supported by two-way retail activity and opportunistic buying, though demand moderated from stronger levels earlier in the year. Jewelry volumes stayed soft as elevated prices pushed consumers toward lighter, lower-carat pieces, even as jewelry value rose year over year.

Source: World Gold Council - https://www.gold.org/goldhub/research/gold-demand-trends/gold-demand-trends-us-focus-q2-2026