Despite a turbulent second quarter, gold demand increased 12% year-over-year in the first half of the year to 2,189t. In the second quarter, the LBMA Gold price PM averaged $1,871/oz, 3% above the prior-year quarter average. Central banks continued their gold buying, with global official gold reserves growing by 180t in the second quarter.
Precious metals like gold, silver, and palladium are fighting back against the trend of falling metal prices. The global precious metals index dropped 3.8% between June and July. However, gold bullion prices began to rise on July 20.
