World Gold Council Q2 2026 gold demand holds steady at 1,269 tonnes

Gold demand for the second quarter of 2026 stayed flat year‑on‑year at 1,269 tonnes, keeping the first‑half total at 2,522 tonnes—a 2 % rise versus the same period last year and delivering a record $380 bn in value [1].

Demand and value trends

The World Gold Council’s quarterly data show that while Q2 demand did not grow, the cumulative six‑month figure rose modestly, driven largely by Asian investors. The $380 bn valuation marks the highest ever recorded, underscoring gold’s appeal as a safe‑haven asset amid broader market volatility. The unchanged Q2 demand contrasts with the 2 % H1 increase, indicating that the early‑year surge—fuelled by record price spikes above $5,500/oz in January—has largely plateaued.

ETF flows and regional dynamics

Physically backed gold ETFs recorded a net outflow of $8.9 bn in June, pulling the H1 net inflow down to $8 bn after a strong start. The outflow was concentrated in North America, which posted a $7.7 bn net withdrawal, while Asia delivered its strongest H1 inflow on record at $12 bn [1]. These flows suggest a shift in investor sentiment: Asian markets remain bullish on gold, whereas North American participants are trimming exposure after the early‑year rally.

Market implications

Gold’s price trajectory—rising to a record intraday high above $5,500/oz in January before retreating to around $4,000/oz by late June—has left the metal down roughly 7 % year‑to‑date, yet it still ranks among the top performers over the past 12 months [1]. The combination of steady demand, record‑high valuation, and divergent ETF flows points to a market where gold retains its hedge function, especially for Asian investors, while North American investors may be reallocating amid a broader risk‑on environment.

What to watch

• Upcoming central‑bank gold holdings survey results, scheduled for the next quarter, which could signal further demand shifts.
• Gold price movements around the $4,500/oz level, a potential support zone that may influence future ETF inflows/outflows.
• The release of the World Gold Council’s H2 demand report, expected in late 2026, to confirm whether the early‑year demand plateau persists.

The flat Q2 demand figure, paired with a record‑high valuation, highlights gold’s continued relevance as a strategic asset, but the regional split in ETF flows suggests that investor confidence may be diverging across markets.