Central bank gold statistics: Central banks remain committed to gold
Central banks were back in buying mode in May – and with a little more spring in their step. Based on the latest reported data, official gold reserves increased by a net 41t during the month, with purchases once again concentrated among a familiar cast of buyers.
Central Bank Gold Reserves Survey 2026
Central banks have accumulated an average of 1,000t of gold over the past four years, up significantly from the 500t average over the preceding decade. This marked acceleration in the pace of accumulation has occurred against a backdrop of geopolitical and economic uncertainty, which has clouded the outlook for reserve managers.
Central bank gold statistics: Central banks resume net buying in April
Central banks resumed net gold purchases in April, having bought 17t. This was a rebound from the sizeable net sales reported in March. Poland remained be the top buyer in the month (14t), while China intensified its pace of purchases: its 8t net purchase is the highest since December 2024 and extends its current buying run to 18 consecutive months. The Czech Republic shows similar consistency in purchases, having bought 3t in April, its 38th consecutive monthly purchase. Meanwhile, Russia continues its sales streak this month (6t), with y-t-d sales of 22t.
Central bank gold statistics: March 2026
Central banks sold 30t of gold in March with sales concentrated in a few central banks, mainly Turkey (79t) and Russia (6t).
Gold Demand Trends: US Focus Q1 2026
US gold demand softened in Q1 2026 as a sharp reversal in ETF flows outweighed resilience across other segments. Physically backed US gold ETFs recorded sizeable monthly outflows in March, erasing inflows accumulated earlier in the quarter amid risk‑off conditions, elevated positioning and higher opportunity costs. Bar and coin investment provided a partial offset as retail interest remained resilient, while jewellery demand fell to a record quarterly low on affordability pressures. Despite near‑term volatility, ongoing geopolitical tensions, policy‑rate uncertainty and broader macroeconomic risks continue to support the longer‑term investment case for gold in the US.
Gold Demand Trends: India Focus Q1 2026
India’s gold demand rose 10% y/y to 151t in Q1, while nearly doubling in value to a record INR 2,275bn (US$25bn). Growth was led by investment demand, up 54% y/y to 82t, with bar and coin demand nearly matching jewellery consumption and ETFs hitting record highs. Jewellery volumes fell 19% y/y, but spending rose 47%. Investment demand is set to remain supportive, while jewellery demand may stay under pressure from inflation and economic headwinds.
Central Bank Gold Statistics: Central banks stay the course on gold in February
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).
Central bank gold statistics: Momentum eases in January while demand base broadens
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.
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