Istanbul, August 8 (HNA) – Total global gold demand, including over-the-counter transactions, remained unchanged year-on-year in the second quarter at 1,269 tonnes. According to data from the World Gold Council (WGC), demand in the first half of the year rose by 2 per cent year-on-year to 2,522 tonnes, reaching a record value of $380 billion.
According to WGC data, gold ETFs came under selling pressure in the second quarter (-45 tonnes). Weakening gold prices, coupled with upward revisions to inflation and interest rate expectations – particularly in North America – and the strengthening of the US dollar, led to moderate outflows.
Consequently, investment in gold bars and coins remained stable at 307 tonnes year-on-year in the second quarter. This indicated that, following two exceptionally strong quarters, purchases had returned to more typical levels. Central banks purchased 289 tonnes of gold in the second quarter. Following a noticeable slowdown in the first quarter after a downward revision to our data, this group’s purchases rebounded sharply to levels not seen in the last four years.
Whilst high gold prices and general inflationary pressures continue to constrain affordability, jewellery demand fell to 278 tonnes – the lowest quarterly volume since the pandemic. In contrast, spending on gold jewellery rose by 14 per cent year-on-year to reach $40 billion, reaffirming the importance of gold’s share within consumer spending. Demand for artificial intelligence helped offset weakness in the consumer electronics market, whilst the share of gold usage in the technology sector, which reached 80 tonnes, strengthened slightly once again.
Meanwhile, according to the WGC, central banks purchased 51 tonnes of gold in June; Poland and China maintained their lead in gold accumulation. Among the month’s buyers were Uzbekistan, Kazakhstan, Jordan, the Czech Republic, Ghana and Georgia, whilst Russia and Turkey were net sellers. As of the first half of 2026, reported central bank purchases reached 102 tonnes, with purchases spread across a broad group of emerging market central banks.
As of the first half of 2026, Poland retained its position as the largest buyer with 82 tonnes, followed by Uzbekistan with 41 tonnes, China with 40 tonnes and Kazakhstan with 27 tonnes. Other significant net buyers included the Czech Republic (11 tonnes), Singapore (10 tonnes), Chile (8 tonnes), Jordan (6 tonnes) and Ghana (6 tonnes). Other smaller buyers were spread across various emerging markets.
Turkey has maintained its position as the largest seller (83 tonnes) since the start of the year; the majority of its sales were concentrated in the first quarter. Sales in the second quarter remained at around 4 tonnes, with a decline in swap transactions recorded by the end of June. Russia’s net sales since the start of the year also stood at 44 tonnes.