Gold Demand Trends: US Focus Q2 2026

ETF outflows drove the sharp decline in US gold demand.
The Q2 pullback was primarily driven by short‑term investment dynamics, and outweighed positive demand across other sectors.

US-listed gold backed ETF weakness was concentrated rather than persistent.
Selling was largely confined to March and June, pointing to two distinct liquidation episodes rather than a sustained withdrawal from gold. 

Bar and coin investment saw signs of improvement.
Demand rose y/y, supported by two-way activity and opportunistic buying, but moderated from Q1 levels.

Investment should remain the key source of demand growth.
Geopolitical uncertainty should provide support, although ETF flows may remain sensitive to yields, monetary policy expectations and the dollar.