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 pressure in Q2 (-45t). Moderate outflows were in response to weaker gold prices and, particularly in North America, upward adjustments to both inflation and interest rate expectations alongside a strengthening US dollar.\n\nBar and coin investment held steady y/y (307t) in Q2. This signalled a return to more typical levels of buying following two extraordinarily strong quarters."