Structural demand supports gold in 2026Q2; Standard Chartered sees fourth-quarter average at $4,650 an ounce

MoneyDJ cited Suki Cooper, global head of precious metals research at Standard Chartered, as saying the traditional link between gold and real interest rates is weakening, while structural forces including de-dollarization and currency debasement are supporting gold prices. Standard Chartered said official-sector demand continues to provide a stable floor for gold prices, but the pace of future gains may slow.

Standard Chartered expects gold prices to average about $4,650 an ounce in the fourth quarter of 2026.

The World Gold Council said central-bank gold purchases reached 289 metric tons in the second quarter of 2026, rebounding sharply after slowing in the first quarter. The council expects investment demand to be the main source of gold-demand growth through the rest of 2026, with larger contributions from over-the-counter activity and Asian buying, while central banks remain important buyers.

The World Gold Council said high gold prices and broader inflationary pressures pushed jewelry demand to its lowest quarterly level since the pandemic, while artificial-intelligence-related demand offset weakness in consumer electronics and lifted technology gold use to 80 metric tons. The council expects high prices to continue weighing on jewelry demand, while technology demand may benefit from AI investment.

The World Gold Council said structural reasons for continued central-bank gold buying include portfolio diversification and hedging against inflation and risk, but expects full-year demand to be below the 2025 total.