Central banks around the world ramped up their gold purchases to 288.9 tonnes in the second quarter of 2026, marking a 62% surge compared to 177.9 tonnes during the same period last year. This spike signals a renewed appetite for gold amid persistent economic and geopolitical uncertainty.
Poland and China Lead the Buying Frenzy
The National Bank of Poland took the lead, acquiring 51 tonnes of gold between April and June, pushing its year-to-date total to 82 tonnes. Warsaw aims to build reserves up to 700 tonnes, a strategy that aligns with gold’s recent rebound to $5,000 per ounce. J.P. Morgan analysts view this price as just the beginning of gold’s upside potential.
China’s central bank also made significant moves, recording its largest quarterly gold buy since late 2023 and pushing official reserves to 2,346 tonnes. However, the declared figures may understate the full picture. Reports suggest China continues to quietly amass gold through unreported imports via London, contributing to a steady but discreet process of dedollarization.
Shift in Seller Behavior from Russia and Turkey
On the other side, Russia slowed its gold sales to 22 tonnes in Q2, focusing proceeds on budget needs rather than active market selling. Turkey’s gold outflows, which dominated in the first quarter, also tapered significantly. This reduction in supply from traditional sellers complements the surge in central bank acquisitions, tightening the market’s dynamics.
The World Gold Council highlights that this bullish momentum is expected to persist, with 89% of central bankers planning to expand their gold holdings over the next year. This trend reflects broader concerns as monetary authorities seek stability amid an increasingly unpredictable global landscape.
This material is for informational purposes only and does not constitute financial advice.
