Central Banks Continue Gold Buying Spree with Poland and China Leading the Way

Central banks continued their strong trend of gold accumulation in August, with China, Uzbekistan, and Poland leading the way. According to the World Gold Council (WGC), net purchases totaled 39 tonnes for the month, bringing the year-to-date total to 170 tonnes in 2026. Marissa Salim, Senior Research Lead at the WGC, noted that this activity reflects longer-term reserve objectives rather than short-term fluctuations.

Poland was the top buyer in August, adding 8 tonnes to its reserves, bringing its year-to-date total to 98 tonnes. This puts Poland on track to reach its 700-tonne target soon. China, in its 22nd consecutive month of buying, added 20 tonnes, now holding 2,387 tonnes or 9% of its total reserves. Uzbekistan also purchased 8 tonnes, bringing its year-to-date total close to 50 tonnes and representing 90% of its total reserves.

Other notable buyers included Kazakhstan, which added 7 tonnes, and the Czech National Bank, which maintained a 42-month streak with another 2 tonnes in August. Turkey, after three months of net sales, bought 3 tonnes in August, while Bolivia and Ghana each purchased around 1 tonne. On the selling side, Russia continued its liquidations, selling 6 tonnes, and Jordan sold 3 tonnes.

Additionally, the De Nederlandsche Bank (DNB) transferred 86 tonnes of gold from New York and Ottawa to London to improve liquidity and tradability. The Banque de France conducted a similar operation in 2025. Salim noted that while seasonal variations exist, the underlying drivers of these purchases require further analysis.