Gold demand held steady at 1,269 tonnes in Q2 2026 as central bank buying offset ETF outflows amid higher rates and a stronger USD.
Gold demand remained flat year-on-year at 1,269 tonnes in the second quarter of 2026, matching the same period last year. Strong central bank purchases countered a 45-tonne net outflow from gold ETFs, driven by rising inflation expectations and a stronger US dollar.
First-half demand reached 2,522 tonnes, up 2% from the prior year. Central bank buying surged 62% year-on-year to 289 tonnes in Q2, rebounding from a weak first quarter. However, revised data showed Q1 purchases at just 57 tonnes, the lowest in over a decade.
The outlook for 2026 suggests central bank gold demand will fall below 2025 levels, reflecting softer momentum after a record year.