Central banks boost Q2 gold buying 62% to 288.9 tonnes
Central banks increased gold purchases 62% to 288.9 tonnes in Q2 2026, led by higher buying from the National Bank of Poland and the People’s Bank of China, World Gold Council data show.
World Gold Council data compiled from official central bank reports show net central bank gold purchases reached 288.9 tonnes in Q2 2026, a 62% rise from 177.9 tonnes in Q2 2025 and a sharp recovery from Q1’s 57 tonnes.
Total demand for the first half of 2026 stood at 345 tonnes, the lowest H1 total since 2022. That lower H1 figure reflects substantial sales by a small number of countries, including Turkey, Russia and Azerbaijan.
The National Bank of Poland was the largest buyer in Q2, adding 51 tonnes. Combined with 31 tonnes purchased in Q1, Poland accumulated 82 tonnes in the first half as it moves toward a self-set target of around 700 tonnes for its reserves.
The People’s Bank of China reported its largest increase in official reserves since Q4 2023, bringing holdings to 2,346 tonnes. World Gold Council analysis found elevated undeclared imports into London that are consistent with additional Chinese accumulation not immediately appearing in official tallies.
Other buyers in Q2 included Uzbekistan with 16 tonnes and Kazakhstan with 15 tonnes. The central banks of Jordan and the Czech Republic each added about 6 tonnes.
On the selling side, the Bank of Russia recorded the largest net sales at 22 tonnes, with reporting indicating some disposals were used to help cover budget shortfalls. Turkey slowed its selling after heavy disposals in Q1, registering 4 tonnes of net sales in Q2.
The World Gold Council’s Central Bank Gold Reserves Survey found 89% of central bankers expect to increase gold reserves over the next 12 months, with many citing reserve diversification and protection against geopolitical risk as motivations.
The Q2 figures were compiled from central bank disclosures and trade data to capture both reported changes and inferred flows, with elevated undeclared London imports noted as a feature of the latest period.
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