Softer investment and jewellery demand, combined with higher mine supply, has limited upward momentum. Investment demand excluding over-the-counter transactions declined to 262 tons from 487 tons a year earlier, reflecting outflows from gold-backed exchange-traded funds. Mine production rose to 966 tons in the second quarter from 948 tons a year earlier. Recycled supply fell to 326 tons from 374 tons in the first quarter, offering some offset to higher production. Related articlesUBS explains what it would take for gold prices to turn higher in 2H26As Claude disrupts stock market, Anthropic researcher warns 'world is in peril'This sector is 'poised for a big, beautiful year': Truist