Global gold demand held firm in the second quarter of 2026, remaining stable year-over-year at 1,268.9 metric tonnes.
The resilience in total demand was driven by a sharp acceleration in purchases by central banks, which effectively offset significant outflows from gold-backed exchange-traded funds (ETFs).
This dynamic highlights a structural shift in the market, where official sector accumulation is increasingly acting as a floor for the precious metal amid softer retail and investment demand.
The data, reported by wire services including Reuters and confirmed by multiple European financial outlets, underscores the growing importance of sovereign buyers in the gold complex.
While ETF investors reduced their holdings during the quarter, central banks stepped in to absorb the supply.
This divergence suggests that the traditional correlation between retail sentiment and gold prices is weakening, replaced by a market structure heavily influenced by geopolitical hedging and reserve diversification strategies among emerging-market central banks.