搜索 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
| Segment | Reported amount/signal |
|---|---|
| Central banks | 289t |
| Bars and coins | 307t |
| ETFs | -45t |
| Jewellery | 278t |
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.
YouTube cross-check
This September 2 gold analysis focuses on short-term trading. It cannot establish quarterly demand totals.
Sources
WGC figures are cited as published; no social forecast is presented as fact.
