Central Banks Bet More Than Ever on Gold Amid Global Uncertainties

Central banks bought 288.9 tons of gold in the second quarter of 2026. This is 62% more than the same period in 2025, when net purchases peaked at 177.9 tons. Poland and China are leading this movement, and the World Gold Council sees no signs of a slowdown.

In Brief

• Net purchases by central banks reached 288.9 tons in Q2 2026, compared to 177.9 tons a year earlier (+62%).
• The National Bank of Poland tops the ranking with 51 tons acquired in the quarter, followed by China.
• The World Gold Council anticipates a continuation of the trend: 89% of central bankers expect an increase in their gold reserves in the next 12 months.

Poland and China Lead the Reserve Rebuilding

The first quarter had sown doubt. Net purchases by central banks had fallen to 57 tons, a figure that contrasted with previous quarters. The report from the World Gold Council (WGC) published on July 30 dispels these concerns: institutional demand reached a historic high for a second quarter.

The National Bank of Poland dominates the ranking. The institution has set a target of 700 tons for its national reserves and is advancing methodically: 51 tons acquired between April and June, which adds to the 31 tons from Q1. Warsaw has thus repatriated 82 tons of gold since January. A strategy that makes perfect sense considering that gold recently rebounded to $5,000, a threshold that J.P. Morgan still considers far from the metal's potential.

The People's Bank of China is not far behind. Beijing recorded its highest purchases since the fourth quarter of 2023, bringing its official reserves to 2,346 tons. However, the declared figure does not tell the whole story.

Several reports indicate that China is accumulating gold in an undeclared manner through London imports. The WGC also confirms that unreported purchases remain at a high level. Diversification away from the dollar is progressing, quietly but surely.

Russia and Turkey Slow Down Their Gold Sales

The rebound in purchases does not only come from large buyers. It is also due to the slowdown in sales from the two main sellers at the beginning of the year. Russia sold 22 tons in Q2, making it the top net seller for the period, but these sales primarily aim to cover a federal budget deficit. Turkey, which dominated sales in Q1, has significantly eased off with only 4 tons sold.

Other central banks have contributed to the trend. Uzbekistan added 16 tons, Kazakhstan 15 tons, and Jordan and the Czech Republic 6 tons each. In total, central bank demand in the first half reaches 345 tons. This figure remains the lowest since 2022, weighed down by heavy Turkish, Russian, and Azerbaijani sales at the beginning of the year.

A Trend That Goes Beyond Simple Cycle Effects

The WGC does not interpret this rebound as a temporary surge. Its annual survey of central bankers shows that 89% of them anticipate an increase in their gold reserves in the next twelve months. This level of conviction is not trivial in a world where the BRICS are actively seeking to reduce their exposure to the dollar.

Unreported purchases remain the hidden variable in the equation. The WGC has determined that unreported gold acquisitions remain at a high level, corroborating information about Beijing's discreet accumulation. This opacity complicates market reading, but it reinforces an obvious fact: rebuilding gold reserves has become a strategic priority for major powers, well beyond short-term price logic.

In summary, the 62% surge in central bank gold purchases in the second quarter validates a significant trend. Poland continues its goal of 700 tons with metronomic regularity, China accumulates well beyond its official declarations, and nine out of ten central bankers plan to bolster their reserves within the year. In this context, the slowdown in gold purchases by Tether in Q1 stands out as an exception in a market where institutional demand continues to strengthen.