世界黄金协会：2026年第二季度黄金需求趋势报告（英文版）

Total gold demand, including OTC, was unchanged y/y at 1,269t in Q2 .This took demand for the first half year to 2,522t (+2%y/y), with a record value of US$380bn.1 Gold ETFs came under selling pressure in Q2 (-45t). Moderate outflows were in response to weaker gold prices and, particularly in North America, upward adjustments to both inflation and interest rate expectations alongside a strengthening US dollar. Bar and coin investment held steady y/y (307t) in Q2 . This signalled a return