Central banks bought a net 244 tonnes of gold in the first quarter of 2026, exceeding both the prior quarter and the five-year average, according to World Gold Council data. The buying reflects continued reserve diversification as institutions hedge against currency and geopolitical risk.
The National Bank of Poland led purchases, adding 31 tonnes to lift its reserves to 582 tonnes. The Central Bank of Uzbekistan added 25 tonnes, raising its holdings to 416 tonnes, a level that represents 87 percent of the bank's total reserves. The People's Bank of China added 7 tonnes during the quarter, more than doubling its purchase from the prior period and bringing its reported reserves to 2,313 tonnes.
The official-sector demand has been a steady support for gold prices, which posted strong gains through 2025 and into 2026. Analysts tie the buying to a shift among reserve managers toward assets outside the dollar system, a trend that has persisted across multiple quarters. The World Gold Council expects central banks to keep contributing meaningfully to global demand as economic uncertainty stays elevated and the incentives for reserve diversification remain in place.
Source: Canadian Mining Report - https://www.canadianminingreport.com/blog/central-banks-added-244-tonnes-of-gold-in-q1-what-investors-should-know