Central banks added a net 23 tonnes of gold to their reserves in July, continuing a long-running accumulation trend that has slowed as prices have risen. Year-to-date purchases stand at 130 tonnes, about 30 tonnes less than the same period in 2025.
The World Gold Council noted that higher gold prices encouraged ‘a more cautious approach’ among buyers. The main difference between this year and last is that more central banks have been selling in 2026, offsetting some of the buying.
China and Poland lead buying
The People's Bank of China was the largest single buyer in July, adding 20 tonnes to its official reserves. That marked the 22nd consecutive month of reported purchases, raising China's stated gold holdings to 2,366 tonnes, roughly 8 percent of total reserves. For the year so far, the PBoC has added 60 tonnes.
Several analysts believe China holds significantly more gold than it officially reports. Researcher Jan Nieuwenhuijs has estimated that the Chinese central bank secretly holds more than 5,000 tonnes of monetary gold in Beijing — more than double the publicly admitted figure. Last month, Goldman Sachs acknowledged those off-book purchases, and analysts at BMO Capital suggested Chinese gold reserves could surpass those of the United States within five years.
Poland has been the top buyer so far in 2026, adding 8 tonnes in July. The National Bank of Poland has increased its reserves by 90 tonnes this year, reaching 640 tonnes. That represents about 28 percent of the country's total reserves. In late 2025, the NBP announced plans to buy up to 150 more tonnes, aiming for a maximum of 700 tonnes. Governor Adam Glapiński said that would place Poland among the ten countries with the largest gold reserves. Poland already holds more gold than the European Central Bank, a stark contrast to 1996 when its reserves totalled just 14 tonnes.
Steady buying from Czech Republic, sales elsewhere
The Czech Republic has been one of the most consistent buyers in recent years, adding 2 tonnes in July. It has now purchased gold for 41 consecutive months. Czech officials plan to increase reserves to 100 tonnes by 2028 from the current 84 tonnes.
On the selling side, Russia reduced its gold reserves by another 6 tonnes in July, bringing its year-to-date sales to 50 tonnes. The central bank now holds 2,277 tonnes as it continues to use gold to cope with economic sanctions and the costs of a wartime economy.
Turkey's gold holdings fell by 1 tonne in July. The central bank has sold 85 tonnes so far this year, partly to support the lira amid a weak currency and rising oil prices.
Uzbekistan switched from buyer to seller in July, reducing reserves by 1 tonne after adding 9 tonnes in both May and June. Year-to-date net purchases stand at 40 tonnes. Central bank governor Timur Ishmetov said the bank may sell at favourable prices as part of its reserve management, even though gold has been the best investment so far. Uzbekistan holds roughly 87 percent of its reserves in gold.
Jordan also sold 1 tonne in July.
Long-term trend remains strong
Despite the moderation in 2026, central bank buying remains far above historical averages. In 2025, official net purchases totalled 863.3 tonnes, down 21 percent from the previous year but still the lowest since 2021. For the latest price and market context, see our live gold price page.
Key takeaways
- Central banks bought a net 23 tonnes of gold in July, taking year-to-date purchases to 130 tonnes.
- China added 20 tonnes, the most of any buyer, while Poland led for the year with 90 tonnes.
- Russia and Turkey continued to sell gold, reducing their reserves by 6 tonnes and 1 tonne respectively.
- Higher gold prices have encouraged a more cautious buying approach, according to the World Gold Council.
Common questions
Why are central banks buying gold?
Central banks buy gold to diversify reserves away from currencies, hedge against inflation and geopolitical risk, and strengthen financial stability. Many developing economies have increased holdings in recent years.
Which central bank holds the most gold?
The United States holds the largest official gold reserves at over 8,000 tonnes. However, estimates suggest China's total holdings, including undisclosed purchases, may exceed 5,000 tonnes and could surpass the US within five years.
Do central banks sell gold often?
Some central banks sell gold to raise foreign currency or support their currency. In 2026, Russia and Turkey have been notable sellers, while Uzbekistan sells occasionally when prices are favourable.
Central bank gold buying in 2026 has slowed compared with the record pace of recent years, but remains historically strong. The combination of China and Poland leading purchases, alongside sales from Russia and Turkey, reflects the varied motivations behind official-sector gold activity.