THE ESSENTIAL POINTS
  • This is a Q2 2026 report published on 30 July 2026, not a live October price or demand update. [1]
  • Total demand including OTC was 1,269 tonnes in Q2, unchanged year on year; first-half demand reached 2,522 tonnes, up 2% year on year in volume and a record US$380bn in value. [1]
  • Investment demand changed mix: ETFs recorded a 45-tonne outflow, while bar-and-coin demand held broadly steady at 307 tonnes and OTC demand rose to 327 tonnes. [1] [4]
  • Jewellery volume fell 17% year on year to 278 tonnes, but first-half jewellery spending rose 22% to US$86bn; central-bank buying rebounded to 289 tonnes in Q2. [2] [3]
  • The Council’s outlook is analysis, not a guaranteed result: it expected investment to lead the rest of 2026, with jewellery volumes under pressure and supply responding only gradually. [5]

Which publication is the latest one?

The most recent broad World Gold Council gold-demand publication available by 13 October 2026 is Gold Demand Trends: Q2 2026, published on 30 July 2026. Its measured period is the second quarter, 1 April through 30 June 2026; the report also supplies first-half figures. The Council’s research library, last updated 12 October 2026, lists this Q2 report as the latest global Gold Demand Trends issue, alongside narrower monthly ETF and central-bank updates. [1] [7]

A later monthly ETF note is narrower, not a replacement for a quarterly report covering jewellery, technology, central banks, investment and supply. The findings below therefore separate reported Q2 data from the Council’s forward-looking interpretation and do not claim anything about gold after the 30 June cut-off. [1]

The headline: stable tonnes, much higher value

The report says total gold demand, including OTC and other less-visible activity, was 1,269 tonnes in Q2 2026, unchanged from Q2 2025. For H1 2026, the total was 2,522 tonnes, 2% higher year on year, while the value reached a record US$380bn. The same report records an average LBMA PM gold price of US$4,506.29 per ounce in Q2, 8% below the Q1 record but 37% above the Q2 2025 average. These are reported-period measurements, not a forecast. [1]

The practical reading is that volume and value told different stories. A market can move roughly the same number of tonnes while the dollar value rises because the average price is higher. Hypothetically, if a retailer sold 10 tonnes at a higher average price than last year, its revenue value could rise even if physical volume did not; that example is illustrative only and is not a WGC estimate.

Investment demand cooled, but its composition shifted

Investment demand excluding OTC fell to 262 tonnes in Q2. Physically backed gold ETFs lost 45 tonnes during the quarter, while bar-and-coin demand was 307 tonnes, broadly similar to the year-earlier quarter and close to the five-year quarterly average cited by the Council. The first half still produced 784 tonnes of bar-and-coin demand, one of the strongest first-half performances on record. [4]

OTC and stock-flow demand, including less-visible investment and a statistical residual, was 327 tonnes in Q2 and 571 tonnes in H1. The Council says OTC demand is not directly observable, so it needs more caution than a fund-holdings number. Its interpretation was that Asian demand supported OTC activity while price consolidation made Western ETF flows less consistent. [4]

Central banks: a strong quarter after a revised weak first quarter

Central banks and other official institutions recorded net purchases of 289 tonnes in Q2, up from 177.9 tonnes in Q2 2025. The Council describes this as a fivefold increase from its revised Q1 estimate of 57 tonnes. H1 net demand was 345 tonnes, the lowest first-half total since 2022, because heavy Q1 selling by Turkey, Russia and Azerbaijan weighed on the year-to-date figure. [2]

Reported country activity was broad: Poland added 51 tonnes, China 33 tonnes, Uzbekistan 16 tonnes and Kazakhstan 15 tonnes. The Council cautions that reported data can be revised and that unreported official buying remained notable. Survey evidence on reserve diversification is context, not proof that every central bank will buy at one pace. [2]

Jewellery showed the clearest affordability pressure

Global jewellery consumption fell to 278 tonnes in Q2, down 17% year on year and the lowest quarterly volume since the pandemic according to the report. India’s demand was 75 tonnes, down 15%, while mainland China’s was 50 tonnes, down 28%. Yet H1 jewellery value rose 22% year on year to US$86bn. This volume–value split shows consumers spending more money on less gold by weight. [3]

The Council reports adaptation rather than disappearance of demand: lighter pieces, lower-carat designs, old-for-new exchanges and a shift by some investment-minded consumers toward lower-premium bars and coins. Editorial analysis: the data supports a statement about affordability and product substitution, but it does not establish that jewellery preferences will recover on a fixed timetable. Seasonal weddings, exchange activity and local policy can change the next quarter’s mix. [3]

Technology demand benefited from the AI hardware split

Technology demand rose 2% year on year to 80 tonnes in Q2. Electronics use increased 4% to 68 tonnes, while other industrial uses fell 7% to 10 tonnes and dentistry fell 6% to 1.9 tonnes. The Council attributes resilience in electronics to AI infrastructure, high-end semiconductors and advanced components, while smartphone and laptop weakness, high prices and material thrifting weighed on more consumer-facing applications. [6]

This is sector-specific, not evidence that all technology demand is growing. AI-related servers, memory, radio-frequency components and sensors offset weaker standard consumer electronics. Editorial analysis: the key distinction is between high-end infrastructure and price-sensitive devices; the pace still depends on the electronics cycle. [6]

Supply was steady because recycling fell as mine output rose

Total gold supply was 1,269 tonnes in Q2, unchanged year on year. Mine production rose 2% to 966 tonnes, a record Q2 level in the Council’s data series, while recycled gold fell 6% to 326 tonnes. Net producer hedging reduced supply by an estimated 23 tonnes. H1 mine production reached a record 1,867 tonnes, 3% above H1 2025. [8]

The Council links weaker recycling partly to the quarter-on-quarter fall in the average gold price and says high prices did not automatically produce more selling. Mine supply also responds slowly because of operational constraints and long project lead times. This explains observed mechanics; it is not a promise that future supply will stay flat. [8]

What the report says next—and what readers should not infer

For the remainder of 2026, the Council expected investment to be the principal source of demand growth, increasingly supported by OTC activity and Asian buying. It expected central banks to remain significant buyers, jewellery volumes to remain under pressure from elevated prices, technology demand to gain from AI investment, and mine production and recycling to respond only modestly. Those statements are the report’s outlook, so they are analysis rather than Q2 results. [5]

For readers, track tonnes, value and composition separately. “Gold demand was stable” hides the ETF outflow, stronger official buying, weaker jewellery volume, resilient electronics and a large OTC estimate. None is a purchase recommendation, a return prediction or a substitute for checking later WGC revisions.

Questions readers ask

What was the publication date and report period?

World Gold Council Gold Demand Trends: Q2 2026 was published on 30 July 2026 and reports activity for 1 April–30 June 2026, with additional H1 2026 comparisons. The report’s data should not be treated as a live October update. [1]

Did gold demand rise or fall in Q2 2026?

Total demand including OTC activity was 1,269 tonnes, unchanged year on year. Within that total, jewellery consumption fell 17% year on year to 278 tonnes, central-bank net purchases rose to 289 tonnes, bar-and-coin demand was broadly steady at 307 tonnes and gold ETFs recorded a 45-tonne outflow. [1] [2] [3] [4]

Does the report predict gold prices or investment returns?

No. It reports demand, supply and the Council’s market outlook. It does not guarantee prices or returns, and this analysis does not advise buying or selling gold. Readers should distinguish measured Q2 data from the Council’s conditional expectations for the rest of 2026. [1] [5]

Sources & editorial notes

  1. [1] Gold Demand Trends: Q2 2026 — World Gold Council · 2026-07-30
  2. [2] Gold Demand Trends: Q2 2026 — Central Banks — World Gold Council · 2026-07-30
  3. [3] Gold Demand Trends: Q2 2026 — Jewellery — World Gold Council · 2026-07-30
  4. [4] Gold Demand Trends: Q2 2026 — Investment — World Gold Council · 2026-07-30
  5. [5] Gold Demand Trends: Q2 2026 — Outlook — World Gold Council · 2026-07-30
  6. [6] Gold Demand Trends: Q2 2026 — Technology — World Gold Council · 2026-07-30
  7. [7] Gold Research Report Library — World Gold Council · 2026-10-12
  8. [8] Gold Demand Trends: Q2 2026 — Supply — World Gold Council · 2026-07-30

Named references are provided for context. This is independent educational writing, not an endorsement or personalised investment advice.

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