Gold Prices Rebound as Central Bank Buying Slows to Weakest Pace Since 2022
Gold and silver prices erased early gains on Monday after President Donald Trump announced fresh talks with Iran. Spot gold jumped as much as 1% to $4080 per ounce before giving back all its gains.
The World Gold Council reported that central bank gold buying slowed to its weakest first-half pace since 2022, with a total of 345 tonnes purchased in the first half of this year. This is down from 1,080 tonnes in 2022 and marks the lowest first-half total since then.
Despite the slowdown, Nicky Shiels, Head of Metals Strategy at MKS PAMP, noted that market flows are becoming increasingly two-way, rather than one-way. He also pointed out that quarterly estimates of central bank buying should be treated as provisional until verified against official disclosures, IMF data and trade flows.
The National Bank of Poland was the largest purchaser during the first half of 2026, adding 82 tonnes to its gold reserves, while the People's Bank of China added 40 tonnes through steady monthly purchases.