Central banks sharply intensified their gold buying in the second quarter of 2026, lifting net purchases to 288.9 tonnes – a 62% jump on the same period a year earlier – even as overall first-half demand fell to its lowest level since 2022, according to new figures from the World Gold Council (WGC).
Data compiled from official central bank reports show that global net gold demand from monetary authorities reached 345 tonnes in the first six months of 2026. That first-half total was dragged down by heavy selling earlier in the year, despite the pronounced rebound between April and June.
The Q2 surge followed a notably weak start to the year. Net central bank purchases in the first quarter were revised down to just 57 tonnes, underlining the scale of the subsequent recovery.
WGC analysis attributes the turnaround in Q2 to two main factors: a marked increase in buying by the National Bank of Poland and the People’s Bank of China, and a slowdown in gold sales from Turkey and Russia.
Poland leads buying as it targets 700-tonne reserve
The National Bank of Poland emerged as the biggest official-sector buyer in the second quarter. The central bank, which has set itself a target of building national gold reserves to 700 tonnes, bought 51 tonnes in Q2.
That follows 31 tonnes acquired in the first quarter, taking Poland’s total net gold purchases for the first half of 2026 to 82 tonnes. The continued accumulation places Poland among the most active central banks in the gold market so far this year.
China’s official reserves rise amid talk of covert buying
The People’s Bank of China also stepped up its activity, recording its highest quarterly gold purchases since the final three months of 2023. Its reported holdings have now risen to 2,346 tonnes, the WGC said.
Alongside the official data, several reports suggest China may be building additional reserves through undeclared purchases, particularly via imports routed through London, as it gradually shifts part of its reserve composition away from the US dollar and towards gold.
The WGC noted that its research points to elevated levels of unreported official-sector gold buying, which is consistent with the claims of covert Chinese accumulation.
Other notable buyers included Uzbekistan, which added 16 tonnes in Q2, and Kazakhstan, which increased its reserves by 15 tonnes. The Central Bank of Jordan and the Czech Republic each bought 6 tonnes during the quarter, also contributing to the record level of net demand.
Russia and Turkey dominate selling
On the selling side, the Bank of Russia was the largest net disposer of gold in the second quarter, offloading 22 tonnes. Reports indicate the move is linked to efforts to help cover the country’s federal budget deficit.
Turkey, which had been the biggest seller in the first quarter, significantly slowed its disposals. Turkish sales amounted to 4 tonnes in Q2, a sharp reduction compared with its earlier pace of unloading. Azerbaijan was also among the central banks that sold gold during the first half, contributing to the overall decline in H1 net demand.
The combined impact of these sizeable sales by Turkey, Russia and Azerbaijan left total central bank gold demand for the first six months of 2026 at 345 tonnes – the weakest first-half showing since 2022 – despite the strong rebound in the second quarter.
Outlook: central bankers expect more gold buying
Looking ahead, the WGC’s Central Bank Gold Reserves Survey suggests the recent revival in demand is likely to continue. According to the survey, 89% of central bankers expect global official-sector gold holdings to increase over the next 12 months.
Monthly data underline the ongoing appetite: central banks added a net 41 tonnes of gold to their official reserves in May, the WGC reported in figures published in July.
With Poland and China at the forefront of buying and traditional heavyweights such as Russia and Turkey adjusting their positions, the WGC data suggest central banks remain committed to gold as a strategic reserve asset – even as individual countries’ motives and market behaviour diverge.
