搜索 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.
| Segment | Q2 2026 signal | Reading |
|---|---|---|
| Total incl. OTC | 1,269t | Unchanged y/y |
| Central banks | 289t | Continued official demand |
| Bars and coins | 307t | Firm retail/investment demand |
| Gold ETFs | -45t | Net outflow |
| Jewellery | 278t | Lowest since the pandemic |
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
Q2 data published in 2026. X and Google News were screened; unverified social forecasts were excluded.
