Central bank net gold purchases reached 288.9 tonnes in the second quarter of 2026, a 62% increase over the 177.9 tonnes bought in the same period of 2025, according to the World Gold Council Gold Demand Trends report.

The buying occurred while gold posted its steepest quarterly price decline in a decade, making the quarter the largest second quarter on record for official sector purchases despite falling prices.

Purchases were concentrated among a handful of buyers. Poland, Uzbekistan and China drove the demand figure. Russia and Turkey were net sellers, with the Bank of Russia recording the quarter's largest disposal at 22 tonnes, which reports connect to efforts to address the country's federal budget deficit.

Forward expectations from the official sector point to continued accumulation. The World Gold Council Central Bank Gold Reserves Survey found 89% of central bankers expect their gold reserves to increase over the next 12 months.

Price action since the second quarter has reversed direction. Gold has risen roughly 11% since the start of August after holding near $4,000 an ounce for an extended stretch, with spot prices moving above $4,400. The recovery follows a first half in which gold fell from a January record of $5,586.

Softer than expected consumer price data provided the catalyst for the August move by reducing expectations for near term Federal Reserve tightening. Central bank purchases through the price decline suggest official sector allocation decisions operate on a longer horizon than the quarterly price cycle.

Source: World Gold Council - https://www.gold.org/goldhub/research/gold-demand-trends/gold-demand-trends-q2-2026