Central Bank Gold Buying in 2026: What the Official Data Shows

Central banks bought an estimated 345 tonnes of gold in H1 2026, led by Poland and China, while Russia and Turkey sold. Here is the data.

Key takeaways

Central banks bought an estimated 345 tonnes of gold in the first half of 2026, the lowest first half since 2022, per the World Gold Council.
Poland bought 90 tonnes through July 31, 2026, the most of any central bank, lifting holdings to 640 tonnes toward a 700 tonne target.
Russia sold 50 tonnes and Turkey sold 85 tonnes of gold through July 2026, making them the largest reported sellers.

Central banks are still buying gold in 2026, but less than in the record years. The World Gold Council (WGC) estimates they bought 345 tonnes in the first half, the lowest first half since 2022. Poland and China are doing most of the reported buying, while Russia and Turkey have been selling.

Two different numbers, and why both matter

There are two ways to count central bank gold buying, and they do not match.

Reported data. Central banks report reserve holdings to the International Monetary Fund, and many publish their own monthly figures. The WGC compiles these into a monthly scorecard. Reported net purchases for 2026 totalled about 130 tonnes through July.

Estimated total demand. Each quarter, the WGC and its data partner Metals Focus estimate total official sector demand, including purchases that have not been disclosed. This number is larger. For the second quarter of 2026 it was 289 tonnes.

The gap is unreported buying. The WGC says it was “again elevated” in the second quarter. These estimates also get revised. The WGC cut its first quarter 2026 estimate from 244 tonnes to 57 tonnes after new data came in. Treat any single quarter’s estimate as provisional.

The data, as of the latest release

Period	Central bank net purchases	Source and basis
2024 full year	1,092.4 tonnes	WGC estimate, total demand
2025 full year	863.3 tonnes	WGC estimate, total demand
Q1 2026	57 tonnes (revised)	WGC estimate, total demand
Q2 2026	288.9 tonnes	WGC estimate; a record for a second quarter
H1 2026	345 tonnes	WGC estimate; lowest first half since 2022
July 2026	23 tonnes	Reported data (IMF, central banks)
Jan to Jul 2026	about 130 tonnes	Reported data; about 160 tonnes in the same period of 2025

For context, the WGC puts the 2010 to 2021 annual average at 473 tonnes. The 2025 total of 863 tonnes was below the 1,000-plus tonnes of the three years before it, but still well above that long-run average.

Who is buying and who is selling

Reported figures through July 31, 2026, from the WGC’s September 3 update, unless noted.

Poland. The National Bank of Poland bought 90 tonnes in the first seven months, the most of any central bank. Its holdings reached 640 tonnes, about 28% of total reserves. In January, the bank announced a plan to lift its gold holdings to 700 tonnes. It added 102 tonnes in 2025 and was the largest buyer that year as well.
China. The People’s Bank of China added 60 tonnes through July, bringing holdings to about 2,366 tonnes, or 8% of reserves. It then reported a 20.2 tonne addition in August, its largest monthly increase since October 2023 and its 22nd consecutive month of buying. Holdings reached 2,387 tonnes at the end of August.
Uzbekistan. Bought 40 tonnes through July. Gold makes up 87% of its reserves, about 431 tonnes. Its governor has said the bank may sell gold at favourable prices as part of reserve management.
Kazakhstan. Bought 29 tonnes through July. Gold is about 75% of its reserves.
Czech Republic. Bought 12 tonnes through July, its 41st consecutive month of net buying, for total holdings of 84 tonnes.
Russia. Sold 50 tonnes through July, lowering holdings to 2,277 tonnes.
Turkey. Sold 85 tonnes through July. Its selling slowed sharply in the second quarter, to 4 tonnes.

There were also smaller newcomers. The Bank of Korea made its first official gold allocation in 13 years, estimated by the WGC at about US$250 million, or roughly 2 tonnes, through gold-backed ETFs. Bank Negara Malaysia and the Central Bank of Bolivia each bought about 1 tonne in July.

Why they say they buy

The WGC’s 2026 Central Bank Gold Reserves Survey found that 89% of responding central banks expected global central bank gold reserves to rise over the next year. A record 45% expected to increase their own holdings. The reasons given were reserve diversification, protection against geopolitical and financial market risk, and gold’s role as a long-term store of value.

The same survey found more central banks planning to hold gold at home or spread it across more storage locations. The WGC’s second quarter report also noted that central banks are “not insensitive to price.” Buying slowed in 2025 as prices rose, and the WGC said lower prices in the second quarter of 2026 likely helped lift buying.

The math

What China’s August purchase cost. One tonne is 32,150.7 troy ounces, so 20.2 tonnes is about 649,400 ounces. At the WGC’s August 31 benchmark price of $4,563, that is roughly $2.96 billion.

Poland’s remaining gap. Poland’s 700 tonne target minus its 640 tonnes at the end of July leaves 60 tonnes. It bought 90 tonnes in the first seven months of 2026, an average of about 12.9 tonnes a month. The bank has not published a timeline for reaching the target, and a past pace says nothing certain about the next one.

Scale against ETFs. Central banks reported 23 tonnes of net buying in July. Global gold ETFs added 121 tonnes in August, per the WGC. Month to month, investor flows can easily be larger than official buying.

What to watch

The People’s Bank of China’s monthly reserve figures, released early each month.
The WGC’s monthly central bank statistics, which will add August data from the IMF and individual central banks.
The WGC’s Gold Demand Trends for the third quarter, including any revision to the second quarter’s 289 tonnes.
National Bank of Poland disclosures showing progress toward 700 tonnes.
Monthly reserve reports from Russia and Turkey, the largest sellers so far this year.

Sources

Frequently asked questions

How much gold did central banks buy in 2026?

The World Gold Council estimates central banks bought 345 tonnes of gold in the first half of 2026, the lowest first half since 2022. That includes 288.9 tonnes in the second quarter, a record for a second quarter, and a revised 57 tonnes in the first. Reported net purchases, a separate and smaller measure, totalled about 130 tonnes through July.

Which central banks are buying the most gold in 2026?

Through July 31, 2026, the National Bank of Poland bought 90 tonnes, the most of any central bank, and the People’s Bank of China added 60 tonnes. Uzbekistan bought 40 tonnes, Kazakhstan 29 tonnes and the Czech Republic 12 tonnes, according to reported figures in the World Gold Council’s September 3 update.

Why do central banks buy gold?

In the World Gold Council’s 2026 Central Bank Gold Reserves Survey, central banks cited reserve diversification, protection against geopolitical and financial market risk, and gold’s role as a long-term store of value. The survey found 89% of respondents expected global central bank gold reserves to rise over the next year, and a record 45% expected to increase their own holdings.