Central Banks
3 November, 2026
| Tonnes | Q3'25 | Q3'26 | y/y % change | |
| Central banks and other institutions |
226.3 | 321.2 | 42 |  |
Central bank demand remained strong in Q3, with net purchases of 321t – above both the solid Q2 total and the five-year quarterly average (227t). The volume of buying in the second and third quarters more than offset a subdued start to the year, lifting y-t-d demand to 675t, 6% above the same period of 2025.
The stronger pace of buying in Q2 and Q3 coincided with an easing in the quarterly average gold price from its Q1 high as well as lower price volatility. Although this moderation may have supported purchases at the margin, prices remained historically elevated, suggesting that longer-term strategic considerations, such as diversification and risk management, have remained the primary driver of demand.
The headline total, however, masks a significant gap between reported purchases and estimated demand. Reported net buying amounted to 120t in Q3, compared with total estimated demand of 321t, and was heavily concentrated among a small number of buyers. Unreported activity accounted for around 63% of the quarter’s demand, continuing the pattern evident since 2022.3 This means that disclosed country-level purchases provide only a partial picture of the underlying sources of demand.
China and Poland together added 104t, equivalent to around 86% of reported net purchases during the quarter. The People’s Bank of China was the largest buyer, adding 63t, followed by the National Bank of Poland with 40t.4 But the pace of accumulation differed between these two leading buyers: China’s Q3 purchases accelerated, accounting for more than half of its y-t-d buying, while Poland’s buying slowed following a particularly strong second quarter (51t).
The National Bank of Kazakhstan and the Central Bank of Uzbekistan both added 14t and were the only other central banks to report increases of more than 5t in the quarter.
Two features stand out in this quarter: first, China, Poland and the Czech Republic continued multi-year accumulation trends despite historically elevated gold prices, reinforcing the importance of strategic reserve diversification. The Czech Republic’s 5t addition was equivalent to 6% of its holdings at the start of the quarter, illustrating the relatively rapid pace of accumulation among some smaller buyers. Second, several purchasers – including Kazakhstan, Uzbekistan, Ghana and Bolivia – are significant gold producers, highlighting the role of domestic gold markets and local purchasing programmes in shaping reserve activity.
Buying remained dominant across reported activity, while sales were generally limited. Small reductions by Qatar, the Kyrgyz Republic and the United Arab Emirates were modest relative to their respective holdings, while Russia’s 19t decline stood out as the only sizeable reduction reported during the quarter.
Footnotes
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In this section, 'central banks' is used as shorthand for central banks and other official institutions. Reported data are captured to 30 October 2026; delayed reporting could result in subsequent revisions.
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Total country-level gross sales and purchases based on the most recent IMF and respective central bank data available at the time of writing. This may not match the quarterly net central bank demand figures published in this report as Metals Focus uses additional sources of information to obtain its estimates.
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Estimated unreported activity captures purchases or sales not reflected in official statistics due to reporting delays or non-disclosure.
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Individual figures may not sum to totals due to rounding.
