# Official Gold Purchases Hit a Q2 Record as Silver Deficit Widens

By Enna Lee

Canonical URL: https://www.tokenpost.com/news/investing/33919
Published: 2026-10-17T10:37:48.000Z
Updated: 2026-10-17T10:37:48.000Z
Section: Investing

> First-half gold purchases totaled 345 tonnes, the smallest first-half tally since 2022. Silver demand is forecast to decline 2% in 2026.

Central banks and other official institutions made estimated net gold purchases of 288.9 tonnes in the second quarter of 2026, a record for that quarter. The total was 62% higher than in Q2 2025, even as first-half purchases reached only 345 tonnes, the smallest tally for that period since 2022.

The first-quarter estimate now stands at 57 tonnes, down from 244 tonnes. The 187-tonne reduction was reclassified as over-the-counter and other demand. The revision illustrates how official-sector estimates can shift as data and analysis are updated.

Total gold demand was 1,269 tonnes in Q2, unchanged from a year earlier. Investment across gold ETFs, bars and coins fell to 262 tonnes. Gold-backed ETFs recorded net outflows of 45 tonnes during the quarter.

Silver demand is forecast to exceed supply by 46.3 million ounces in 2026, compared with a 40.3 million-ounce shortfall in 2025. The 2026 forecast puts demand at 1,112.6 million ounces and supply at 1,066.4 million ounces.

The outlook also projects a 2% decline in total silver demand this year and a 3% drop in industrial demand. High prices, efforts by manufacturers to reduce silver use and substitution in photovoltaic applications are among the factors weighing on demand.

The figures show stronger quarterly official gold buying alongside weaker gold investment, while silver faces a projected annual supply gap and lower demand. A forecast deficit alone does not establish that silver is unavailable to buyers or that bullion-market stress will spread through the financial system.