Central Banks Return to Gold as Sovereign Buying Accelerates

Poland and China spearheaded the market activity, contributing 18 tonnes and 10 tonnes respectively to the monthly total. For Poland, the acquisition marks a fourth consecutive month of double-digit growth, pushing its total holdings to 614 tonnes as it nears a long-term goal of 700 tonnes. China’s purchase represents its 20th consecutive month of net buying, bringing its total reserves to approximately 2,331 tonnes. Other notable activity included fresh acquisitions from Uzbekistan and Kazakhstan, alongside a surprise return to the market by Singapore, which purchased 4 tonnes.

Contrasting this trend, Russia and Turkey continued to reduce their exposure, liquidating 6 tonnes and 3 tonnes respectively during the period. Despite these sales, the broader outlook among global financial authorities remains bullish. According to the World Gold Council’s 2026 survey, 89% of central bankers anticipate a rise in global gold reserves over the coming year. This sentiment is increasingly shared by emerging markets in Latin America, where countries including Chile, Guatemala, Bolivia, and Uruguay have initiated modest gold accumulation programs throughout 2026.