World Gold Council data sourced from official central bank reports found that while H1 2026 demand (345 tonnes) was the lowest since 2022, accumulation accelerated in Q2, with institutions netting purchases of 288.9 tonnes. Poland, Uzbekistan and China pushed demand, while Russia and Turkey were net sellers.
Key Takeaways
Central bank gold demand hit a Q2 record of 289 tonnes, rebounding sharply from a weak Q1.Poland led purchases to near its 700-tonne goal, while China accelerated buying and Russia sold.Most central banks plan to continue adding gold to their reserves to hedge against geopolitical risks.After weak Q1 numbers, institutions have registered a rise in gold purchases in Q2, reaching a period record.
This also represents a sharp increase compared to revised numbers from Q1, when net accumulation slowed down to 57 tonnes. This recovery had two main drivers: an increase in purchases from the Central Bank of Poland and the People’s Bank of China, and a slowdown in sales from Turkey and Russia.
Even so, overall central bank gold demand fell to the lowest since 2022, registering only 345t due to hefty sales from Turkey, Russia and Azerbaijan.
The largest buyer in Q2 was, as expected, the National Bank of Poland, which has a self-established goal of reaching 700 tonnes for its national reserves. The bank acquired 51 tonnes, which, together with the 31 tonnes purchased in Q1, account for the 82 tonnes brought home by the institution during H1.
Uzbekistan, with 16 tonnes; Kazakhstan, with 15 tonnes; the Central Bank of Jordan, with 6 tonnes, and the Czech Republic, with 6 tonnes, also contributed to the record demand in Q2.
WGC’s own Central Bank Gold Reserves Survey anticipates that gold purchases will continue to gain momentum later this year, with 89% of central bankers expecting gold reserves to increase in the next 12 months.
