The price of gold hit a record high in June, with the average quarterly price of the LBMA benchmark reaching US$3,280/oz, up by 40% year on year and 15% quarter on quarter.
Total supply of the precious metal increased 3% year on year, with initial estimates for mine production suggesting a Q2 record of 909t.
Meanwhile total Q2 gold demand increased by 3% year on year to 1,249t, with OTC investment and stock changes adding 170t to demand.
In value terms, total gold demand jumped 45% year on year to a record US$132bn.
While gold-backed ETFs were “instrumental” in boosting overall Q2 demand, according to the World Gold Council, demand from physical gold investors generated the strongest first half for bar and coin investment since 2013.
Central banks added 166t to global official gold reserves with the outlook for central bank demand remaining “healthy”, despite moderating.
In terms of jewellery there was disparity between volumes and value. Year-on-year drops in tonnage were widespread while spending on gold jewellery saw universal gains.
Gold used in technology came under pressure from the potential impact of US tariffs, but the World Gold Council said growing demand for AI-related applications remains an area of strength.
