Central Banks Add 23 Tonnes of Gold in July Amid Interest Rate Uncertainty

Global central banks increased their gold reserves by 23 tonnes in July 2026, continuing a multi-year trend of accumulation. The People's Bank of China remained a primary driver of this demand, marking its 21st consecutive month of buying with an estimated purchase of approximately 20 tonnes in July.

This sustained buying has brought China's total gold holdings to 2,366 tonnes. Similarly, the National Bank of Poland has been aggressively adding volume to its reserves year-to-date as part of a long-term strategy to increase gold's share of its sovereign assets.

While central bank buying provides a fundamental support level for gold prices, market participants are weighing this against the broader economic landscape, particularly US monetary policy. Hawkish commentary from the US Federal Reserve in late August 2026 introduced volatility into the gold market.