Central Bank Gold Purchases Increased by 62% to 288.9 Tons in the Second Quarter
Institutional investors significantly increased gold purchases in Q2 2026, achieving a quarterly record. According to the World Gold Council (WGC), central bank net buying surged to 288.9 tons, a 62% rise from Q2 2025 (177.9 tons). This represents a sharp recovery from the revised net accumulation of just 57 tons in Q1. The recovery was driven by increased buying from Poland's National Bank and the People's Bank of China, coupled with reduced selling from Turkey and Russia.
The National Bank of Poland was the largest buyer in Q2, purchasing 51 tons to progress toward its 700-ton national reserve target. The People's Bank of China made its largest purchases since Q4 2023, raising its official reserves to 2,346 tons, with reports suggesting additional undeclared accumulation. Uzbekistan, Kazakhstan, Jordan, and the Czech Republic also contributed to the demand.
Conversely, the Bank of Russia was the largest seller in Q2 at 22 tons, reportedly to cover a federal budget deficit, while Turkey slowed its selling pace. Despite the strong Q2, total central bank demand for 2026 fell to a low of 345 tons due to significant sales from Turkey, Russia, and Azerbaijan earlier in the year.
A WGC survey indicates continued momentum, with 89% of central bank respondents expecting to increase gold reserves over the next 12 months.
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