# Gold demand Q2 2026 rises in ASEAN, flat globally amid price dip

**Published:** 2026-08-02T08:22:36.976Z  
**Topic:** Gold  
**Sentiment:** neutral  
**Publisher:** TrendWatcher — https://www.trendwatcher.in/article/65506746-0133-4084-a594-a471bfd6ad3e

Gold demand up 6% YoY in Singapore, 40% in Indonesia; global demand flat at 307 t. See regional splits and central‑bank buying.

In the second quarter of 2026, global demand for gold bars and coins slipped 3 % YoY to 307.1 tonnes, while ASEAN investors bucked the trend with Singapore up 6 % and Indonesia soaring 40 % YoY [1].

| At a glance | |
|---|---|
| Global bar & coin demand | 307.1 t (‑3 % YoY) |
| Singapore demand | 2.3 t (+6 % YoY) |
| Indonesia demand | 14.5 t (+40 % YoY) |
| Gold price (Singapore) | US$4,069/oz (≈ +1 % on Fed decision) |

## Regional demand split

ASEAN’s resilience came from strong investor appetite in Indonesia and Thailand. Indonesia’s investment demand jumped 40 % to 14.5 tonnes, driven by a weaker rupiah and concerns over the domestic outlook, according to the World Gold Council (WGC) [1]. Thailand recorded its best Q2 since 2019, with a 10 % YoY rise to 10.9 tonnes, as lower local prices spurred bargain hunting [1]. Malaysia also posted a 28 % YoY increase to 2.5 tonnes, despite regulatory uncertainty [1]. By contrast, Vietnam’s demand fell 31 % to 6.5 tonnes, mainly due to constrained import quotas that kept local premiums high [1].

## Global demand and price dynamics

Worldwide, total bar and coin demand fell 3 % YoY, mirroring a 26 % retreat from the January record high of US$5,500/oz as investors sold to raise liquidity amid Middle‑East conflict [1]. The price edged up nearly 1 % after the U.S. Federal Reserve left rates unchanged, trading around US$4,069/oz in Singapore [1]. Gold‑backed ETFs saw a net outflow of 45 tonnes in Q2, though H1 inflows remained modestly positive at 18 tonnes [1][2]. Central banks added 288.9 tonnes to reserves, a 62 % YoY increase, underscoring continued official demand [1][2].

## What to watch
- Upcoming U.S. Federal Reserve meeting (July 30) for any rate guidance that could sway gold prices.  
- Next WGC Gold Demand Trends release (expected Q3 2026) to gauge whether ASEAN’s growth sustains or global demand steadies.  
- Any policy shifts in Vietnam’s import quotas, which could lift its constrained demand.

The divergence between robust ASEAN buying and a flat global market highlights gold’s dual role as a safe‑haven store of value in regions facing currency and economic headwinds, while price pressures and ETF outflows keep overall demand muted. The next central‑bank actions and policy adjustments will determine whether the metal can sustain its recent regional gains.

## Sources
1. The Business Times — [Asean gold demand in Q2 buoyed by Indonesia, Thailand, bucks broader global sell-off](https://www.businesstimes.com.sg/international/asean/asean-gold-demand-q2-buoyed-indonesia-thailand-bucks-broader-global-sell)
2. Oman Observer — [Gold market shows resilience as price momentum cools](https://www.omanobserver.om/article/1193764/business/markets/gold-market-shows-resilience-as-price-momentum-cools)
3. Rediff Money — [India''s Gold Demand Falls 6% in Q2: WGC Report](https://money.rediff.com/news/market/india-s-gold-demand-falls-6-in-q2-wgc-report/51526720260730)

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Cite as: TrendWatcher, "Gold demand Q2 2026 rises in ASEAN, flat globally amid price dip", https://www.trendwatcher.in/article/65506746-0133-4084-a594-a471bfd6ad3e