Central Banks Rush to Hoard Gold at Record Pace
The second quarter of 2026 saw a record-breaking central bank gold buying spree, with net purchases reaching 288.9 tonnes - a 62% year-over-year increase and the highest volume ever recorded for a second quarter.
This surge in demand is significant because it represents roughly one-third of the total annual net official sector purchases in 2025, which was already historically elevated compared to pre-2022 norms.
The notable buyers include Poland, which added 51 tonnes and is still short of its declared target of 700 tonnes, China's People's Bank of China, which extended its unbroken accumulation run to 21 consecutive months with a 33-tonne addition, and Uzbekistan and Kazakhstan, both of which are ongoing accumulators.
The concentration of demand across four distinct reserve managers operating in different jurisdictions reduces the risk of policy reversal collapsing the broader accumulation trend.