The World Gold Council said investment demand is likely to be the main driver of
gold demand growth for the remainder of 2026, increasingly supported by OTC
trading and Asian investor flows; central banks will remain key buyers. High
gold prices are expected to continue suppressing jewelry volumes, while
responses in mine output and recycled supply are likely to be muted. Western
gold ETF flows should remain sensitive to US real yields, Fed policy
expectations and the dollar. Technology demand for gold may benefit from
AI-related investment, but downside risks are accumulating.