Morning Bites

🏆Global physical gold demand increased 7% YoY to 987t in 2Q26 (also being 46% higher YoY in value terms, as gold prices were up 37% YoY in 2Q26), vs. the revised 9% YoY decline in 1Q26, per World Gold Council data. Specifically, gold jewellery demand dropped 12% YoY in 2Q26, but central bank purchases surged 62% YoY. Among other key demand segments, a moderate decline was recorded in Bars&Coins (-3% YoY)

Despite overall solid physical purchases, total gold demand was unchanged YoY in 2Q26 in volume terms, as global ETF holdings contracted (by 45t net in 2Q26), affected by expectations of tighter monetary policy in the US. Meanwhile, world mined gold output grew 2% YoY in 2Q26

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