Central banks buy 41 tonnes of gold; 45% expect more

The World Gold Council reported on July 2 that central banks added a net 41 tonnes of gold to official reserves in May and that a record 45% of reserve managers expect their institutions to increase gold holdings over the next 12 months.

Poland led buying in May with 18 tonnes, followed by the People’s Bank of China with 10 tonnes, Uzbekistan with 9 tonnes, Kazakhstan with 7 tonnes and the Monetary Authority of Singapore with 4 tonnes.

Poland has accumulated 64 tonnes so far in 2026, bringing its stock to 614 tonnes as it aims for a publicly stated 700-tonne target. China has added 25 tonnes year-to-date, lifting its official holdings to 2,331 tonnes, about 9% of its total reserves.

Not all authorities were buyers in May. Turkey reduced holdings by 3 tonnes and Russia sold 6 tonnes, bringing Moscow’s disposals to 34 tonnes this year and leaving it with 2,292 tonnes.

The World Gold Council’s 2026 Central Bank Gold Reserves Survey found that 89% of central bankers expect global gold reserves to increase in the next 12 months, and that 45% expect their own institution’s gold reserves to rise.

The Czech National Bank has recorded 39 consecutive months of net purchases. Kazakhstan’s gold stockpile stands at 361 tonnes, approximately 78% of its reserves, while gold makes up about 87% of Uzbekistan’s reserves.

The WGC reported that the official sector has averaged roughly 1,000 tonnes of net purchases per year over the past four years, about double the roughly 500 tonnes averaged across the prior decade. Net purchases were estimated at 244 tonnes in the first quarter of 2026.

Reserve managers cited inflation hedging, the risk of sanctions and a desire to diversify away from the U.S. dollar as the main reasons for boosting gold holdings. The WGC also noted that gold now accounts for a larger share of global central bank reserves than U.S. Treasuries for the first time since 1996.

Other shifts in official demand include the Bank of Korea preparing its first allocations to gold exchange-traded funds; the Bank of Korea holds 104 tonnes. Singapore, which added 4 tonnes in May and holds 197 tonnes, plans to launch central bank gold vaulting services in October 2026. Chile has added 8 tonnes year-to-date.

Market forecasts referenced by the WGC and industry participants include one major bank projecting around 20% upside for gold for the year. A large majority of surveyed central bankers expect further increases in official gold reserves in the months ahead.