Central Banks

30 July, 2026

Central bank buying rose in Q2, but Q1 slowdown weighed on H1 pace

  • Net purchases totalled a healthy 289t in Q2; H1 demand was the lowest since 2022
  • Poland added the most, while China increased the pace of accumulation, based on reported data
  • Central banks intend to continue buying over the next 12 months.
Tonnes Q2'25 Q2'26 y/y % change
Central Banks and
Other Institutions		 177.9 288.9 62
 

Chart 8: Central bank buying rebounded sharply in Q2 following a Q1 lull

Quarterly central bank net purchases, tonnes*

Chart 8: Central bank buying rebounded sharply in Q2 following a Q1 lull

Chart 8: Central bank buying rebounded sharply in Q2 following a Q1 lull
Quarterly central bank net purchases, tonnes*
Sources: Metals Focus, Refinitiv GFMS, World Gold Council; Disclaimer *Data to 30 June 2026.

Sources: Metals Focus, Refinitiv GFMS, World Gold Council; Disclaimer

*Data to 30 June 2026.

Central bank net gold demand picked up significantly in Q2, reaching 289t1 – a fivefold increase on Q1's revised estimate of 57t and a record high for a second quarter.2 The positive Q2 total was supported by continued accumulation from Poland and China, supported by further purchases from other familiar names.

Sales also moderated compared with Q1. Turkey's disposals slowed materially, leaving Russia as the only sizeable seller in the quarter.

The wider geopolitical backdrop, as well as softer gold prices, are likely to have provided some support for the increased Q2 buying. With ongoing heightened uncertainty and a longstanding desire for reserve diversification, this likely helped sustain central bank appetite.

Central bank H1 net demand of 345t was the lowest for a first half since 2022 (241t). A closer look at reported activity reveals that while central bank demand remains fundamentally healthy and broad-based, the hefty Q1 selling by Turkey, Russia and Azerbaijan3 weighed on the year-to-date total.

 

Chart 9: Reported data puts Poland in pole position y-t-d

Y-t-d reported central bank net purchases and sales, tonnes*

Chart 9: Reported data puts Poland in pole position y-t-d

Chart 9: Reported data puts Poland in pole position y-t-d
Y-t-d reported central bank net purchases and sales, tonnes*
Sources: IMF, respective central banks, World Gold Council; Disclaimer *Data to 30 June 2026 where available. Note: The Bulgarian National Bank's transfer of 2t to the European Central Bank as part of its adoption of the euro is excluded from the chart.

Sources: IMF, respective central banks, World Gold Council; Disclaimer

*Data to 30 June 2026 where available. Note: The Bulgarian National Bank's transfer of 2t to the European Central Bank as part of its adoption of the euro is excluded from the chart.

Reported buying was spread across several markets in Q2:

  • The National Bank of Poland was the largest buyer, adding 51t during the quarter and taking its gold reserves to 632t by end-June. This lifted Poland's H1 purchases to 82t, reinforcing its position as the dominant buyer so far this year and edging it closer to its 700t target4
  • The People's Bank of China added a further 33t in Q2, its largest quarterly addition since Q4'23 (44t). The H1 increase of 40t brings the PBoC's reported holdings to 2,346t. Although China's monthly additions remain modest relative to earlier phases of accumulation, the continued buying underlines the strategic nature of its gold programme
  • As usual, buying was not limited to the largest reserve holders. The Central Bank of Uzbekistan (+16t), the National Bank of Kazakhstan (+15t), the Central Bank of Jordan (6t) and the Czech National Bank (+6t) were also notable buyers during Q2, while smaller additions from the Bank of Ghana, the Monetary Authority of Singapore, the Central Bank of the UAE, and the National Bank of Kyrgyzstan point to continued breadth in reported activity
  • Sales slowed dramatically in Q2. The Central Bank of Turkey – the largest seller in Q1 – reported a modest Q2 sale of 4t and a reduction in outstanding swaps from a maximum of over 80t to around 60t as of the end of June. The Central Bank of Russia was the largest seller in Q2, reducing holdings by 22t. The Bundesbank's reported decline of 1t was small and consistent with the pattern of limited coin-minting related transactions.

Unreported buying – central bank and other official institutions' activity that has yet to be disclosed – was again elevated in Q2 and continued to be a notable feature of the market.

The broader message from H1 activity is therefore one of continued, but uneven, central bank gold demand. Notably, central bank sentiment towards gold remains exceptionally strong. This is evidenced by the findings from our latest Central Bank Gold Reserves Survey, in which 89% of respondents expected global reserves to rise over the next year and a record 45% expected to increase their own holdings over the same period. We expect central bank demand to remain above its long-term average (more detail in the Outlook section).

The survey also demonstrates that the strategic case for gold remains firmly in place: reserve diversification, protection against geopolitical and financial-market uncertainty, and gold's role as a long-term store of value continue to feature prominently in central bank thinking. Reserve managers continue to view gold as an important component of official reserves, even though high prices and country-specific liquidity needs influence the timing and scale of individual transactions.


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Footnotes

  1. In this section, 'central banks' is used as shorthand for central banks and other official institutions. Reported data are captured to 24 July 2026; delayed reporting could result in subsequent revisions.

  2. New data and analysis led to a sizable revision to our Q1 central bank demand estimate from 244t to 57t. For more information, see: Gold Demand Trends: Q1 2026.

  3. Azerbaijan represents the gold reserves of the State Oil Fund of Azerbaijan (SOFAZ).

  4. Poland lifts gold reserves, Warsaw Business Journal, January 2026.

Important disclaimers and disclosures [+]Important disclaimers and disclosures [-]