Central Banks Bought 289 Tonnes of Gold in Q2, a Record Second Quarter
Central banks added 289 tonnes of gold to reserves on a net basis in the second quarter of 2026, the strongest second quarter on record, according to the World Gold Council’s Gold Demand Trends report published on 30 July. The figure is 62 percent above the 177.9 tonnes bought a year earlier and more than five times the 56.5 tonnes recorded in a revised first quarter.
The quarterly surge does not, however, make for a strong first half. At 345.5 tonnes, official-sector buying in the six months to June is the lowest first half since 2022, when it reached 241 tonnes. The pattern is one heavy quarter following an unusually quiet one, not a steady accumulation.
Who bought, and who sold
| Buyer | Q2 2026, net | Total holdings |
|---|---|---|
| Poland | +51t | 632t |
| China | +33t | 2,346t |
| Uzbekistan | +16t | — |
| Kazakhstan | +15t | — |
| Jordan | +6t | — |
| Czech Republic | +6t | — |
| Ghana, Singapore, UAE, Kyrgyzstan | smaller additions | — |
| Seller | Q2 2026, net |
|---|---|
| Russia | −22t |
| Turkey | −4t |
| Germany | −1t |
Russia was the largest seller of the quarter. Poland alone accounted for roughly a sixth of gross buying, and the two largest buyers together — Poland and China — for about 29 percent.
The rest of the market
Total gold demand including over-the-counter flows was 1,268.9 tonnes, essentially unchanged from a year earlier. That flat headline conceals a substantial rotation. Demand excluding OTC fell 14 percent to 941.8 tonnes, while OTC and other demand rose 91 percent to 327.1 tonnes. It was the combination of that OTC surge and official-sector buying that offset the decline in the reported categories — not central bank purchases alone.
| Category | Q2 2026 | Change y/y |
|---|---|---|
| Total demand incl. OTC | 1,268.9t | −0% |
| Demand excl. OTC | 941.8t | −14% |
| OTC and other | 327.1t | +91% |
| Central banks | 288.9t | +62% |
| Total investment | 262.2t | −46% |
| Bar and coin | 307.1t | −3% |
| ETFs | −44.8t | outflow |
| Jewellery | 278.2t | −17% |
| Mine production | 965.6t | +2% |
| Recycling | 326.1t | −6% |
Price is the explanation for most of the weakness in the price-sensitive categories. The LBMA PM average for the quarter was $4,506.29 an ounce, 37 percent higher than a year earlier. Jewellery volumes fell 17 percent; ETFs recorded a net outflow of 44.8 tonnes; and total investment demand halved on the year. Supply responded only modestly, with mine production up 2 percent and recycling down 6 percent — at these prices, a fall in recycling suggests holders are waiting rather than selling.
The Council’s official-sector survey found 89 percent of respondents expect global central bank gold reserves to rise over the next twelve months, and a record 45 percent expect to increase their own holdings.
Why it matters: Gulf central banks hold small gold positions relative to their overall reserves, and the quarter shows regional participation broadening at the margin — Jordan added six tonnes and the UAE was among the smaller buyers. The larger signal is structural: official demand is now a durable component of the market that is largely insensitive to price, which changes the floor under gold even in quarters when jewellery and retail investment retreat.
Looking ahead: The World Gold Council’s third-quarter report is due at the end of October.
Sources: World Gold Council, Gold Demand Trends Q2 2026 (30 July 2026), including the Central Banks section.
