London, July 30, 2026 - The World Gold Council's Q2 2026 Global Gold Demand Trends Report reveals that total global gold demand remained flat year-on-year at 1,269 tonnes during the second quarter, as prices retreated from record highs set early in 2026. For the first half of 2026, total demand edged up 2% year-on-year to 2,522 tonnes, valued at approximately $380 billion.

The pullback from elevated gold prices cooled investment demand. Gold ETF, bar, and coin investment fell to 262 tonnes in Q2. Net outflows of 45 tonnes from gold ETFs were the primary driver of the decline in quarterly investment demand, though ETFs still saw modest net inflows of 18 tonnes in the first half. Bar and coin investment remained relatively stable, dipping only 3% year-on-year in Q2, supported by strong Q1 performance that pushed total bar and coin demand 21% higher in the first half compared to the same period last year.

Meanwhile, over-the-counter (OTC) investment reached 327 tonnes in Q2, driven by Asia, lifting the first-half total to 571 tonnes, showing solid performance. Central banks and other official institutions collectively added 289 tonnes of net gold reserves in Q2, a 62% year-on-year increase, with multiple countries stepping up purchases. However, dragged by weak Q1 activity, total central bank buying in the first half remained slightly below recent elevated levels.

The World Gold Council's 2026 Central Bank Gold Reserves Survey shows that 45% of surveyed central banks expect to increase their gold reserves in the next year, highlighting gold's stable and important role in official reserves. High gold prices continued to pressure global jewelry demand, which fell 17% lower year-on-year in Q2, as consumers either reduced purchases of pure gold jewelry or shifted to lighter-weight items. This led to a decline in total jewelry demand for the first half, though jewelry spending value showed resilience, rising 22% higher year-on-year to $86 billion in the first half.

Total global gold supply in Q2 was flat year-on-year at 1,269 tonnes, with divergent trends in mine production and recycling. Mine supply, boosted by new output from Canada and Chile, is estimated to have increased 2% year-on-year to 966 tonnes. Meanwhile, recycling supply fell 6% year-on-year despite the sustained high gold price.

Louise Street, Senior Market Analyst at the World Gold Council, commented: "The strong rally in early 2026 reversed in Q2, as gold prices corrected from their historical highs and entered a consolidation phase. However, the market remains well-supported, reaffirming gold's status as a proven risk diversifier and store of value."

"Although gold ETF flows retreated in line with price movements, continued central bank buying and growth in OTC investment pushed total gold demand slightly higher by 2% in the first half of 2026," she added.

"Looking ahead to the second half of 2026, investment demand is expected to drive gold demand, but the composition may shift. OTC activity and Asian investment demand are likely to play an increasingly prominent role, while Western interest in gold ETFs may become more closely tied to US Treasury real yields, US monetary policy expectations, and the dollar's trajectory. Central banks will remain important buyers of gold, though their pace of purchases may slow slightly from the past four years. High gold prices will continue to suppress jewelry demand, while consumers are more inclined to hold rather than sell their gold holdings, and recycling supply shows little sign of growth."

The Q2 2026 Global Gold Demand Trends Report includes comprehensive data provided by Metals Focus. Please click here for full details.

Key data highlights from the Q2 and H1 2026 Global Gold Demand Trends Report:

Gold Price: The average LBMA afternoon gold price in Q2 was $4,506.29 per ounce, 8% lower than the record average in Q1, but 37% higher than the Q2 2025 average.

Total Global Gold Demand (including OTC): Q2 was flat year-on-year at 1,269 tonnes. H1 reached 2,522 tonnes, up 2% year-on-year, with demand value hitting a record high of $380 billion.

Global Gold Investment Demand (excluding OTC): Q2 came in at 262 tonnes. H1 totalled 801 tonnes.

Global Bar and Coin Demand: Q2 was flat year-on-year at 307 tonnes. H1 reached 784 tonnes.

Global Gold ETFs: Q2 saw net outflows of 45 tonnes. H1 saw net inflows of 18 tonnes.

Global Central Bank Gold Demand: Q2 increased significantly to 289 tonnes. The People's Bank of China accumulated 33 tonnes in Q2, its largest quarterly purchase since Q4 2023. H1 totalled 345 tonnes.

Global Gold Jewelry Demand: Q2 fell to 278 tonnes, down 17% year-on-year. However, jewelry spending value increased 14% year-on-year to $40 billion. H1 totalled 572 tonnes, with spending value up 22% year-on-year to $86 billion.

Global Technology Gold Demand: Q2 rose slightly to 80 tonnes. H1 reached 162 tonnes.