Central Banks Double Down on Gold as Global Uncertainty Deepens

Central banks purchased 288.9 tonnes of gold in the second quarter of 2026. This is 62% more than in the same period in 2025, when net purchases capped at 177.9 tonnes. Poland and China lead this movement, and the World Gold Council sees no sign of slowing down.

Poland and China Lead the Replenishment of Reserves

The first quarter had cast doubt. Central banks’ net purchases had fallen to 57 tonnes, a figure that contrasted with previous quarters. The World Gold Council (WGC) report published on July 30 dispels these concerns: institutional demand hit a historic high for a second quarter.

The National Bank of Poland dominates the ranking. The institution set a target of 700 tonnes for its national reserves and advances methodically: 51 tonnes acquired between April and June, added to 31 tonnes from Q1. Warsaw has therefore repatriated 82 tonnes of gold since January. A strategy that makes perfect sense knowing gold has recently rebounded to 5,000 dollars, a threshold that J.P. Morgan still considers far from the metal’s potential.

The People’s Bank of China is not left behind. Beijing recorded its highest purchases since the fourth quarter of 2023, bringing its official reserves to 2,346 tonnes. But the declared figure does not tell the whole story. 

Several reports indicate that China is accumulating gold undeclared via London imports. The WGC also confirms that unreported purchases remain at a high level. Dedollarization proceeds quietly but steadily.

Russia and Turkey Slow Their Gold Sales

The rebound in purchases does not come only from large buyers. It also reflects the slowdown in sales by the two main sellers from early in the year. Russia sold 22 tonnes in Q2, making it the leading net seller of the period, but these sales mainly serve to cover a federal budget deficit. Turkey, which dominated sales in Q1, has significantly eased off with only 4 tonnes sold.

Other central banks contributed to the momentum. Uzbekistan added 16 tonnes, Kazakhstan 15 tonnes, Jordan and the Czech Republic 6 tonnes each. In total, central banks’ demand for the first half of the year reaches 345 tonnes. The figure remains the lowest since 2022, weighed down by heavy Turkish, Russian, and Azerbaijani sales earlier in the year.

A Trend That Goes Beyond a Simple Cyclical Effect

The WGC does not interpret this rebound as a temporary surge. Its annual survey of central bankers shows that 89% expect an increase in their gold reserves over the next twelve months. A level of conviction that is far from anecdotal in a world where the BRICS actively seek to reduce their exposure to the dollar.

Unreported purchases remain the hidden variable in the equation. The WGC determined that unreported gold acquisitions stay at a high level, corroborating information on Beijing’s discreet accumulation. This opacity complicates market interpretation but strengthens one truth: replenishing gold reserves has become a strategic priority for major powers, well beyond short-term price logic.

In sum, the 62% surge in central banks’ gold purchases in the second quarter validates a strong trend. Poland pursues its target of 700 tonnes with metronomic regularity, China accumulates well beyond its official declarations, and nine out of ten central bankers plan to expand their reserves within the year. In this context, Tether’s slowdown in gold purchases in Q1 stands out as an exception in a market where institutional demand continues to strengthen.