Central banks net purchased 23 tonnes of gold in July, according to the World Gold Council (WGC). The buying was led by the People’s Bank of China (PBoC) and the National Bank of Poland, while Russia continued to sell. The pace of accumulation this year is lower than in the same period of 2025.
China extends buying streak
The PBoC added 20 tonnes to its reserves in July, marking the 21st consecutive month of net purchases. Year-to-date, China has bought 60 tonnes. Its total gold holdings now stand at 2,366 tonnes, equivalent to 8% of its total reserves — the sixth largest gold reserve in the world. Marissa Salim, Senior Research Lead, APAC at the WGC, noted that the PBoC’s activity has picked up in recent months, with double-digit monthly purchases since May 2026.
Poland remains top buyer in 2026
Poland bought 8 tonnes of gold in July, taking its year-to-date total to 90 tonnes — the highest among all central banks. The National Bank of Poland now holds 640 tonnes of gold, against its stated target of 700 tonnes, which would represent about 28% of its total reserves. Salim said the bank continued accumulating gold in July.
Other central banks: buyers and sellers
The Czech National Bank bought 2 tonnes in July, its 41st consecutive month of net purchases. Year-to-date it has added 12 tonnes, raising its gold holding to 84 tonnes (6% of total reserves). Kazakhstan, Malaysia and Bolivia each bought 1 tonne in July. Kazakhstan has accumulated 29 tonnes year-to-date, making it one of the top five gold accumulators globally; its gold holdings now account for 75% of its total reserves. Malaysia and Bolivia are relatively new entrants, with year-to-date purchases of 6 tonnes and 2 tonnes respectively.
On the selling side, Russia offloaded 6 tonnes in July, bringing its year-to-date sales to 50 tonnes. Moscow’s total gold reserves have fallen to 2,277 tonnes. Russia has been selling gold to cover its budget deficit, as defence spending has risen due to the war in Ukraine and Western sanctions have reduced oil and gas revenues. The freezing of Russian foreign assets by the US and NATO has also forced Moscow to liquidate physical gold and alternative reserves such as the Chinese yuan.
Turkey sold 1 tonne in July, but has sold 85 tonnes year-to-date. It has swapped or sold 58–60 tonnes of gold worth $8 billion to protect the lira and its foreign exchange reserves. Uzbekistan sold 1 tonne in July but has bought 40 tonnes this year; gold makes up 87% of its total reserves of 43 tonnes.
Year-to-date totals and gold price context
On a year-to-date basis, central banks have purchased about 130 tonnes of gold, down from 160 tonnes in the same period a year ago. Central bank buying has been a major driver of gold’s rally since 2024. The metal peaked at $5,608 an ounce on 29 January 2026, but has since fallen more than 20% amid inflation fears, expectations of US Federal Reserve rate hikes, and a shift by investors into energy commodities after the outbreak of the Iran war. On Thursday, gold traded at $4,444 an ounce, down 3% from the beginning of the week on renewed US-Iran tensions.
Key takeaways
- Central banks net purchased 23 tonnes of gold in July, led by China (20t) and Poland (8t).
- Poland is the top year-to-date buyer with 90 tonnes; China has bought 60 tonnes.
- Russia sold 6 tonnes in July and 50 tonnes year-to-date, partly to fund its budget deficit.
- Year-to-date central bank purchases total 130 tonnes, lower than 160 tonnes a year ago.
Common questions
Why are central banks buying gold?
Central banks, particularly in emerging markets, have been diversifying reserves away from the US dollar and other traditional assets. Gold is seen as a safe-haven asset that holds value during geopolitical and economic uncertainty.
Why is Russia selling gold?
Russia has been selling gold to cover its budget deficit, which has widened due to increased defence spending following the Ukraine war and reduced oil and gas revenues because of Western sanctions. The freezing of Russian foreign assets has also forced Moscow to liquidate physical gold.
Why did Turkey sell gold?
Turkey sold and swapped 58–60 tonnes of gold worth $8 billion to protect its currency, the lira, and its foreign exchange reserves.
Central bank gold demand remains a significant factor in the market, though the pace has slowed from last year. For the latest price, check the live gold price.