The World Gold Council (WGC) published data on supply and demand in 2Q and 1H 2017. The WGC reported Q2 gold demand of 953.4t was 10% lower than 2016, while 1H demand slowed 13% to 2,026.1t. Year-on-year comparisons were affected by record ETF inflows in 2016: demand from this sector slowed dramatically after last year’s 1H surge. Central bank net purchases of 176.7t were also slightly lower in 1H 2017 (-3%). By contrast, bar and coin investment improved, as did jewellery demand, although the latter remains weak in a long-term context. Total gold supply declined 10% yoy in 1H: mine production was steady while recycling levels continued to drop back after the 2016 surge.