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Central bank gold buying offsets weaker ETF demand in Q2
Total gold demand held steady in 2Q 2026 at 1,269 tonnes as central bank purchases balanced net ETF outflows amid higher inflation and rate expectations.
ING’s commodities team said gold demand was steady in 2Q 2026, with total demand flat year on year at 1,269 tonnes, despite softer investor interest reflected in weaker gold exchange traded fund flows, according to FXStreet.
The analysis tied the gap to “strong central bank purchases” countering “weaker ETF demand,” noting that net ETF outflows picked up alongside higher inflation and rate expectations and a stronger US dollar.
ING also pointed to revised data suggesting central bank gold buying in 2026 may fall below 2025 levels, which could affect how much of the demand cushion persists if ETF sentiment remains pressured.
The piece cited the World Gold Council, saying total gold demand including OTC transactions was unchanged year on year at 1,269 tonnes in 2Q 2026, and that demand totaled 2,522 tonnes in the first half of the year, up 2% year on year.
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