Central banks purchased 289 tonnes of gold in Q2 2026, up 62 tonnes YoY, with Poland, Uzbekistan, and China leading accumulation.
Macro & Markets ·
Central banks purchased 289 tonnes of gold during the second quarter of 2026, marking a year-over-year increase of 62 tonnes and the largest quarterly addition since the final quarter of 2024. The quarter saw an even sharper sequential jump, with purchases rising 231 tonnes, or 407 percent, from the prior quarter.
Through the first half of 2026, central banks have accumulated 345 tonnes of gold combined. Poland has emerged as the leading buyer, adding 82 tonnes to reach a total reserve of 632 tonnes. Uzbekistan and China have also been significant accumulators, purchasing 41 tonnes and 40 tonnes respectively in the year to date.
The sustained pace of central bank gold acquisition underscores continued demand for the asset as a reserve holding, though the composition and drivers of purchases across individual institutions remain only partially documented in available data.