Investment in gold ETFs, bars and coins dropped to 262t during this period
The World Gold Council’s Q2-2026 Gold Demand Trends report reveals that total gold demand1 was flat year-on-year at 1,269t, as the gold price eased from the record highs seen at the start of 2026. This pushed demand for H1 2% higher year-on-year to an estimated 2,522t worth US$ 380bn.
Investment in gold ETFs, bars and coins dropped to 262t in Q2, as the lower gold price tempered the strong momentum seen earlier in the year. The decline was primarily driven by 45t of outflows from gold-backed ETFs in Q2, although first-half ETF demand remained modestly positive at 18t.
Bar and coin investment was relatively stable, down just 3% year-on-year in Q2, while first-half demand was still 21% higher than at this point last year, supported by an exceptional first quarter. On the other hand, demand in the OTC market, helped by Asian investment, came in at 327t in Q2 and a healthy 571t in H1.
Mine supplies rise
Second quarter total gold supply was unchanged year-on-year at 1,269t, as mine production and recycling diverged. Mine supply rose an estimated 2% year-on-year to 966t, supported by new production from Canada and Chile. At the same time, recycling declined 6% year-on-year despite higher prices.
“While gold ETF flows receded in step with prices, continued central bank buying, and growth in OTC investment contributed to total gold demand edging 2% higher across the first half of the year,” commented Louise Street, Senior Markets Analyst, World Gold Council.
