In the first half of 2026, total gold demand rose slightly – by two percent compared to the previous year – to 2,522 metric tons of gold. The fourth quarter of 2025 and the first quarter of 2026 were marked by strong gold purchases in the coins and bullion segments. The stable second quarter of 2026 indicates that purchasing behavior has returned to its typical level. Central banks purchased significantly more gold in the second quarter compared to the first quarter, returning to the high levels seen in recent years.

Even in the technology sector, gold consumption rose; while demand from the AI sector weakened, this was offset by demand from the consumer electronics sector. As a result, the LBMA gold price averaged $4,506.29 per troy ounce in the second quarter. This was 37 percent higher than the average price in the second quarter of 2025. What has fallen sharply, however, is demand for jewelry. Spending has risen, however, due to the higher gold price compared to the same period last year. Gold jewelry therefore remains important to consumers.

Gold ETFs experienced outflows in the second quarter of 2026. Looking ahead, the World Gold Council expects that investments in the gold market will be the primary factor supporting the price. These will be supplemented by purchases from Asia, over-the-counter (OTC) trading, and purchases by central banks. Inflation concerns and geopolitical uncertainties should also support the price of the precious metal. The sensitivity of Western gold ETFs to the U.S. dollar and to expectations regarding monetary policy is likely to persist.

Amex Gold Mining (formerly Amex Exploration)  – https://www.commodity-tv.com/ondemand/companies/profil/amex-exploration-inc/ – is one of the notable young gold companies. The focus is on profitable gold projects in mining-friendly Quebec. Amex Exploration’s Perron gold project, in particular, hosts large, high-grade gold deposits. It is 100 percent owned by the company and stands out for its excellent infrastructure and a positive feasibility study. Ore processing is scheduled to begin in 2027. A large-scale pilot plant is currently being developed, and underground blasting is underway.

Osisko Gold Group (formerly Osisko Development) – https://www.commodity-tv.com/ondemand/companies/profil/osisko-gold-group-inc/ – owns, among other assets, the flagship Cariboo Gold project (Canada, 100 percent, fully permitted). It is located in the historic Cariboo Mining District in central British Columbia and is considered one of the best land packages in Canada. Production at Cariboo (approximately 190,000 ounces of gold per year over ten years) is scheduled to begin in 2027. A 70,000-meter drilling program is currently underway and is well-funded. The current, very positive drill results point to the presence of the anticipated resource growth. The company’s goal is to become a mid-sized gold producer.

Current company information and press releases from Amex Gold Mining (- https://www.resource-capital.ch/de/unternehmen/amex-exploration-inc/ -) and Osisko Gold Group (- https://www.resource-capital.ch/de/unternehmen/osisko-development-corp/ -).

You can also find further information in our new Precious Metals Report at the following link: https://www.resource-capital.ch/de/reports/ansicht/edelmetall-report-2026-03/.

Sources: Amex Gold Mining, Osisko Gold Group,

https://www.gold.org/goldhub/research/gold-demand-trends/gold-demand-trends-q2-2026?utm_medium=email&utm_source=newsletter&utm_campaign=GOLDHUB%3A+Your+Weekly+Gold+Market+Round-up%2C+July+31%2C+2026;

https://www.resource-capital.ch/de/reports/ansicht/edelmetall-report-2026-03/.

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