Insights

Central banks sold 30t of gold in March with sales concentrated in a few central banks, mainly Turkey (79t) and Russia (6t). 

Central banks remain firm on gold accumulation in February, having bought a net 27t. This was a rebound from the lull we saw in January, and in line with the monthly average of 26t reported in 2025. Just two months into the year, central banks have bought 31t, a pace much slower than the same period last year (50t).

After a strong year of buying, central banks started 2026 more cautiously: January net purchases came in at 5t, below the prior 12‑month average of 27t. Even so, with geopolitical tensions still elevated, the longer‑term appetite to add gold looks set to persist.

Central banks bought 19t of gold in December 2025 via the IMF and other public data sources, bringing full year 2025 reported net purchases to 328t. This is lower than the 345t of net purchases recorded in 2024. 

Central banks bought a net 45t in November, and while down slightly from October, buying has remained elevated compared to the earlier months of this year. National Bank of Poland led net buying for the second consecutive month after October’s resurgent buying from the bank.

Central bank demand for gold remained robust in October, totalling 53t (+36% m/m) and continuing the strong trend seen throughout the year. Buying remained concentrated among a small number of central banks, led by the National Bank of Poland which became active again during the month.

Last week’s economic updates highlighted uneven global momentum. US consumer sentiment dipped close to record lows, and European central banks kept rates steady. China’s exports fell and Japan’s manufacturing slowed, whereas India’s manufacturing gained pace.

Central banks reported 39t of net purchases in September via the IMF and other public data sources. This buying was up 78% m/m and is the highest month of reported net buying in 2025 so far. Y-t-d, central banks have reported 200t of net gold buying.*

Central banks added a net 19t to global gold reserves in August, based on reported data from both the IMF and respective central banks. This is broadly in line with monthly net purchases between March and June, and signals a return to buying form after global reserves were unchanged in July.

Global central banks bought net 10t in July based on reported data, a moderate net allocation compared to previous months. Despite this slower pace of net buying, central banks continue to be net buyers of gold even in the current price range. 

Central banks reported 22t of net purchases in June via the IMF and other public data sources. Based on available data,*demand saw a modest m/m increase for the third consecutive month. In H1, central banks reported net buying of 123t, a slight y/y decline from H1 2024.

Central banks added a net 20t to global gold reserves in May, an uptick from the previous month, though overall pace has moderated slightly.

Central banks added a net 11t to global gold reserves in April, the second consecutive month of slower accumulation.

Central banks continue momentum of gold purchases into March 2025.

Demand for gold from central bankers continues, with data available for February showing reported global central bank gold reserves rising by 24t. Thus far, Poland, China, Turkey, and the Czech Republic have led gold demand from emerging market central banks. 

Central banks continued their strong interest for gold in January with reported net purchases of 18t. The sustained buying highlights the strategic importance of gold in official reserves, particularly as central banks navigate heightened geopolitical risks.

Central banks reported 3t of net selling in December via the IMF and other public data sources. The People’s Bank of China was the largest reported net buyer this month (10t), followed by Czech National Bank and Bank of Ghana with a tonne net purchases each. The National Bank of Kazakhstan was the largest seller (11t) during the month.

Based on available reported data, central banks bought a net 53t in November. The National Bank of Poland (21t) was the biggest buyer, while the People's Bank of China reported its first addition (5t) since April.

Central banks reported 47t of net purchases this month – the highest amount recorded y-t-d. The Central Bank of Turkey led the field, adding 17t of gold to its reserves, followed by India and Poland – 14t and 8t respectively.

Central banks reported 40t of net buying in September via the IMF and other public data sources. Demand recovered during the month: monthly gross purchases of 48t were offset by gross sales of 8t.