Gold Demand Is Flat—but Its Buyers Changed

Conclusion: Second-quarter gold demand was flat year on year at 1,269 tonnes, yet the buyer mix changed sharply. The hook is composition: central banks and bars supported demand while ETFs and jewellery weakened.

WGC data put first-half demand at 2,522 tonnes, up 2%, while the value of demand reached a record $380 billion.

Q2 2026 demand mosaic

Price versus volume

The LBMA PM average was $4,506.29 in Q2—37% above Q2 2025 but below the Q1 record. High prices can lift demand value while depressing jewellery tonnage, so both units belong in the analysis.

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This September 2 gold analysis focuses on short-term trading. It cannot establish quarterly demand totals.

Sources

• World Gold Council: Q2 2026 demand trends

WGC figures are cited as published; no social forecast is presented as fact.