Gold's Price Moderates as Central Banks Double Down on Buying

Gold's price has moderated in recent months, but central banks continue to buy gold, with Poland and China leading the charge. According to the World Gold Council, central banks purchased 102 tonnes of gold in the first half of 2026, with Poland accounting for 82 tonnes.

The National Bank of Poland added 19 tonnes of gold in June, while the People's Bank of China purchased 15 tonnes, extending its monthly buying streak to 20 consecutive months. Other major buyers include Uzbekistan, Kazakhstan, and Singapore.

India's demand for gold has decreased, with a 6% year-on-year decline to 131 tonnes in Q2. Despite this, Indian gold spending reached a record $21 billion, up 50% from the same period last year.