Central banks around the world are continuing their aggressive gold-buying spree, with data showing they acquired 321 tonnes of the precious metal in the third quarter of 2026. This marks the largest quarterly amount in nearly two years and the fifth-largest on record, according to analysts from the Kobeissi Letter. The trend reflects a 6% increase in year-to-date demand compared to the same period in 2025, with China and Poland leading the purchases.
China added 63 tonnes of gold, while Poland bought 40 tonnes, bringing its reserves to a previously announced target of 700 tonnes. Kazakhstan and Uzbekistan each purchased 14 tonnes, and the Czech Republic continued its long-standing accumulation. The buying spree extended into October, with the People’s Bank of China adding another 25.8 tonnes, its largest monthly purchase in three years. Poland also bought an additional 27 tonnes that month.
The World Gold Council noted that reserve diversification and risk management remain key motivations for central banks. Meanwhile, gold ETF demand rebounded strongly, adding 211 tonnes in the third quarter. The precious metal has gained ground against bitcoin, with the XAU/BTC ratio rising from roughly 0.047 in early October to almost 0.057, a surge of about 20%.
Bitcoin has struggled amid deleveraging, ETF outflows, and broader risk-off pressure, while central banks have been aggressively accumulating gold. The current XAU/BTC chart suggests that the traditional safe-haven asset is winning this round, even though bitcoin’s longer-term scarcity thesis remains intact.