Central Banks Ramp Up Gold Buying Amid Structural Shift

Central banks around the world continue to accumulate gold reserves at an unprecedented rate. In June 2026, global central banks recorded net gold purchases of approximately 51 tonnes, a 24% increase from May.

This acceleration in gold buying is part of a broader structural narrative that has been reshaping the composition of global reserves since 2022. Net central bank gold purchases reached an all-time high of 1,136 tonnes in 2022 and have continued to demonstrate resilience across multiple market cycles.

Poland stands out as one of the most aggressive reserve architects, with the National Bank of Poland adding 19 tonnes in June alone, bringing its year-to-date accumulation to 82 tonnes. This represents a significant expansion of its gold base over three decades, with current holdings accounting for approximately 30% of total national reserves.

China's official numbers reveal a 15-tonne increase in gold reserves during June, following a 10-tonne purchase in May. However, independent research suggests that the People's Bank of China may actually hold more than 5,000 tonnes of monetary gold, potentially placing it second globally behind only the United States.