The latest data from the World Gold Council, released on July 2, highlights a robust trend in gold buying by central banks. In May, these institutions added a substantial net total of 41 tonnes to their official gold reserves, continuing a yearly average of 1,000 tonnes of purchases seen over the last four years. Notably, a record 45% of reserve managers anticipate further additions to their gold holdings in the coming year.
Major Contributors to Gold Reserves
Poland took the lead in May by acquiring 18 tonnes of gold, elevating its reserves to 614 tonnes as it targets a 700-tonne milestone. Following closely were the People’s Bank of China, which bought 10 tonnes, and Uzbekistan with 9 tonnes. Kazakhstan and the Monetary Authority of Singapore added 7 and 4 tonnes respectively.
Outlook for Gold Reserves
The World Gold Council’s 2026 Central Bank Gold Reserves Survey revealed that 89% of central bankers expect global official gold holdings to rise into 2027. With a groundbreaking 45% anticipating increases in their institutions' reserves, it reflects a significant shift in sentiment among reserve managers.
This year alone, Poland has already purchased 64 tonnes of gold, marking it as the largest gold buyer of 2026. As of now, China’s official holdings stand at 2,331 tonnes, which accounts for about 9% of its total reserves. Meanwhile, Kazakhstan's gold reserves are approximately 78% of its total reserves, and Uzbekistan has the highest allocation globally at 87%.
Shifts in Historical Patterns
Interestingly, not every central bank has increased their gold holdings. For example, Turkey reduced its reserves by 3 tonnes, while Russia sold off 6 tonnes, leaving its stock at 2,292 tonnes after several disposals this year. However, this decrease is overshadowed by the ongoing purchasing trend, as demonstrated by the Czech National Bank, which has consistently acquired gold for 39 months straight, indicating a shift from past norms.
According to the World Gold Council, the average annual absorption rate over the past four years has doubled compared to the previous decade, with the current pace of central bank purchases indicating a strong appetite for gold as a hedge against inflation and economic uncertainty.
