Gold Demand Holds as ETFs and Jewelry Diverge

Conclusion: Gold demand held at 1,269 tonnes in the second quarter of 2026, but the stable headline concealed a sharp split: central banks and bars supported demand while ETFs and jewellery weakened. The hook is composition—flat totals can hide a changing buyer base.

Q2 demand mosaic

World Gold Council data show first-half demand rose 2% to 2,522 tonnes and the value of demand reached a record $380 billion.

The LBMA PM average was $4,506.29 in Q2, 37% above Q2 2025 but 8% below the Q1 record. High prices can raise the value of demand while suppressing physical jewellery volumes.

Analytical takeaway

• Official buying can support the long-run reserve-diversification story.
• ETF flows remain a faster barometer of financial-investor appetite.
• Jewellery weakness signals affordability pressure, not necessarily collapsing cultural demand.

Video context

This September 2 XAU/USD analysis focuses on short-term price action. It cannot establish demand tonnage; the World Gold Council dataset is the source for that claim.

Sources

• World Gold Council: Gold Demand Trends Q2 2026

Q2 data published in 2026. X and Google News were screened; unverified social forecasts were excluded.