Gold Holds Near $4,400 Amid Weak U.S. Demand and Record Central Bank Buying

What happened

Gold is holding steady near $4,400. U.S. gold demand in Q2 fell to 8 tonnes, driven by ETF outflows, while central banks purchased a record 289 tonnes in Q2. Gold rallied about 10% in August to a two-month high above $4,449.

Why it matters

Record central bank buying and fading rate-hike expectations create a more layered demand profile than the first half, supporting the price despite weak U.S. ETF flows.