Chapter

H1 total demand volume slightly firmer, value rockets

From Gold Demand Trends: Q2 2026 | World Gold Council by Gold Demand and Supply

Concepts

1. Gold Demand

   "Total gold demand, including OTC, was unchanged y/y at 1,269t in Q2. This took demand for the first half year to 2,522t (+2% y/y), with a record value of US$380bn.1\n\nGold ETFs came under selling pr

2. Central Banks

   "Central banks made significant gold purchases in Q2 (289t). After a notable Q1 slowdown following a downward revision to our data, buying among this cohort recovered sharply to the lofty levels that

3. Jewellery Demand

   "Jewellery demand fell to its lowest quarterly volume since the pandemic (278t), as high gold prices and broader inflationary pressures continued to constrain affordability. In comparison, spending on

4. Technology Usage

   "Technology usage of gold again firmed slightly (80t) as AI-related demand offset weakness in the consumer electronics market."