Central banks, the public bodies that run countries' money, such as the US Federal Reserve, bought 345 tonnes of gold from January to June 2026. That is the estimate of the World Gold Council (WGC), a body whose members are gold mining companies. From 2022 to 2024, central banks bought more than 1,000 tonnes a year, over twice their pace of the previous 12 years.
Here is how much gold central banks have bought each year since 2010 and who bought the most. Then come the reasons they give and what the gold price did over the same years.
Why are central banks buying gold? Central banks hold gold as part of their reserves, the money and assets they keep for emergencies. In the World Gold Council's 2026 survey, 90% of the 69 central banks that answered the question rated gold's performance in a crisis as a reason to hold it.
Central banks bought more than 1,000 tonnes of gold a year from 2022 to 2024, against an average of 473 tonnes from 2010 to 2021.
From January to June 2026 they bought 345 tonnes. Poland was the largest reported buyer, while Turkey and Russia were the largest sellers.
The gold price rose from $1,790 an ounce in December 2021 to $4,319 in September 2026. Central bank buying was one of several forces behind that.
What central bank gold buying means
A central bank keeps reserves: assets such as foreign currency deposits, foreign bonds and gold. The International Monetary Fund (IMF) says reserves are held to meet payments abroad, to steer the exchange rate and to keep confidence in the currency.
China is the largest example. At the end of September 2026, its reserves were worth $3.79 trillion, according to China's State Administration of Foreign Exchange (SAFE). Gold made up $323.5 billion of that, or 8.5%.
Central bank gold buying is measured as net purchases: gold bought minus gold sold. The WGC estimates it each quarter with Metals Focus, a research firm. Its estimate includes buying that central banks have not reported. In 2025, 57% of the total was unreported, the WGC said.
Central bank gold purchases by year since 2010
Source: World Gold Council (Gold Demand Trends); YX Insights
Chart 1 shows the WGC's estimate of net central bank gold buying each year. Central banks have been net buyers every year since 2010. In 2010 they bought 79 tonnes.
From 2010 to 2021, they bought 473 tonnes a year on average. Then the pace jumped: 1,080 tonnes in 2022, 1,051 tonnes in 2023 and 1,086 tonnes in 2024. That is 2.3 times the earlier average.
In 2025, central banks bought 848 tonnes. That was less, but still well above the earlier average. In all, they bought 9,745 tonnes from 2010 to 2025.
The WGC revises recent years as new data arrive. It first put 2025 at 863 tonnes in January 2026, then 848 tonnes in its July data.
Central bank gold buying in 2026 so far
Central banks bought 56.5 tonnes from January to March 2026. The WGC first estimated 244 tonnes, then cut it in July. They bought 288.9 tonnes from April to June, a record for a second quarter.
That makes 345 tonnes from January to June. The last smaller first half was in 2022, at 241 tonnes.
Source: World Gold Council; YX Insights
Chart 2 shows the central banks that reported the biggest changes from January to June 2026. Poland bought 82 tonnes. Uzbekistan and China each bought about 40 tonnes. Turkey sold 83 tonnes and Russia sold 44 tonnes.
Reported figures run lower than the WGC's estimate, because they leave out unreported buying. From January to August, central banks reported net purchases of about 170 tonnes, the WGC said on 6 October 2026.
Poland, China, Turkey and India: the main buyers and sellers
Central bank | Gold held | Net bought in 2024 | Net bought in 2025 | Net bought in 2026 |
|---|---|---|---|---|
National Bank of Poland | 648 tonnes (August 2026) | 90 tonnes | 102 tonnes | 98 tonnes (January to August) |
People's Bank of China | 2,410 tonnes (September 2026) | 44 tonnes | 27 tonnes | 80 tonnes (January to August), then 23 tonnes in September |
Central Bank of the Republic of Turkey | 644 tonnes with the Treasury's gold (October 2025) | 75 tonnes with the Treasury's gold | 27 tonnes (January to October) | Sold 82 tonnes (January to August) |
Reserve Bank of India | 880.52 tonnes (March 2026) | 73 tonnes | 4 tonnes | Not among reported buyers or sellers (January to August) |
Source: World Gold Council (Gold Demand Trends, full years 2024 and 2025; Central Bank Gold Statistics, 6 October 2026); State Administration of Foreign Exchange (China); Reserve Bank of India
Poland. The National Bank of Poland was the largest buyer in 2024 and 2025, with 90 tonnes and 102 tonnes. It bought 98 tonnes from January to August 2026, taking its gold to 648 tonnes. Its governor, Adam Glapiński, set a target of 700 tonnes in January 2026.
China. The People's Bank of China added 80 tonnes from January to August 2026, after 27 tonnes in 2025. SAFE data out on 7 October showed 23 tonnes more in September, its 23rd month in a row of buying. China then held 77.47 million ounces, or 2,410 tonnes.
Turkey. Turkey's official gold, held by its central bank and Treasury, rose 75 tonnes in 2024. From January to August 2026, the central bank was a net seller of 82 tonnes, mostly from January to March. It bought 3 tonnes back in August.
India. The Reserve Bank of India bought 73 tonnes in 2024, then 4 tonnes in 2025. It held 880.52 tonnes at the end of March 2026, of which 680.05 tonnes were stored in India.
Russia's central bank sold 56 tonnes from January to August 2026. Turkey shows that a big buyer can also turn seller.
Why central banks buy gold: the WGC survey
The WGC asks central banks every year why they hold gold. Its 2026 survey ran from 5 February to 19 May and drew 76 responses. Answers are anonymous.
Source: World Gold Council, Central Bank Gold Reserves Survey 2026; YX Insights
Chart 3 shows the six reasons rated relevant by the most central banks, out of 69 that answered this question. The top reason was gold's performance in a crisis. A record 90% of those 69 central banks rated it relevant.
Gold as a long-term store of value or inflation hedge came second, at 84%. Spreading a portfolio's risk came third, at 83%. "No default risk" means gold is not a loan to anyone, so there is no borrower who could fail to pay.
The survey also points ahead. 89% of respondents expected central banks' gold reserves to rise over the next 12 months, while a record 45% expected their own to rise. 74% expected the US dollar's share of reserves to be lower in five years.
How gold behaved in past stock market falls is in Is Gold a Safe Haven?
Central bank gold demand and the gold price
Source: World Bank Pink Sheet; YX Insights
Chart 4 shows the gold price as a monthly average, from the World Bank. Gold rose from $1,118 an ounce in January 2010 to $4,319 in September 2026, 3.86 times its starting price.
The link with central bank buying is loose. From 2012 to 2015, central banks bought between 569 and 629 tonnes a year. Gold still fell from $1,772 in September 2011 to $1,076 in December 2015.
From $1,790 in December 2021 to September 2026, gold rose 141%. That span holds central banks' three biggest years of buying since 2010. Yet in 2025, central bank buying fell and gold still rose 63%, from December to December. Gold funds, which buy gold on behalf of ordinary investors, took in 801 tonnes that year, the WGC reported.
Gold peaked at $5,020 in February 2026. By September it was 14.0% lower. The other forces on gold, such as real interest rates and the dollar, are in What Drives the Gold Price?
How to read central bank gold data
Know which number you are reading. The WGC's quarterly estimate includes unreported buying. Monthly reported figures, from the IMF and central banks, do not.
Expect revisions. The estimate for January to March 2026 fell from 244 tonnes to 56.5 tonnes.
Watch the price. The WGC said high gold prices "appeared to prompt a more cautious approach" by central banks in 2025.
Remember who runs the survey. The WGC's members are gold miners, while it describes its role as championing gold as an asset. Its survey reports what central banks say, which may differ from what they do.
For gold held by ordinary investors, see How Do Gold ETFs Work? Gold's record against inflation is in Is Gold an Inflation Hedge? What followed gold's best years is in Will the Gold Price Go Down?
Central banks have bought gold every year since 2010. From 2022 to 2024 they bought at more than twice the earlier pace. Poland led the reported buying from January to August 2026, while Turkey and Russia sold. Central banks say they buy gold for crises, for the long term and to spread risk.
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Common questions about central bank gold buying
Which central bank buys the most gold?
Poland's central bank was the largest reported buyer in 2024 and 2025, adding 90 tonnes and then 102 tonnes. It led again from January to August 2026, with 98 tonnes, against 80 tonnes for China. Poland's gold reached 648 tonnes, against a target of 700 tonnes.
How much gold did central banks buy in 2025?
Central banks bought 848 tonnes of gold in 2025, according to the World Gold Council's July 2026 data. It first reported 863 tonnes in January. That was below the more than 1,000 tonnes a year bought from 2022 to 2024, but well above the 473-tonne yearly average of 2010 to 2021.
Are central banks still buying gold in 2026?
Yes, central banks bought 345 tonnes of gold from January to June 2026, the World Gold Council estimates. That estimate includes unreported buying. Purchases that central banks reported themselves reached about 170 tonnes from January to August. China's central bank added gold for the 23rd month in a row in September.
Do central banks ever sell gold?
Yes, some central banks sell gold, even while the group buys overall. From January to August 2026, Turkey's central bank sold a net 82 tonnes, while Russia's sold 56 tonnes. Gold producers such as Kazakhstan and Uzbekistan also switch between buying and selling, according to the World Gold Council.
Does central bank buying push up the gold price?
Central bank buying is one force on the gold price, but not the only one. Central banks bought between 569 and 629 tonnes a year from 2012 to 2015, while gold fell. In 2025, their buying fell, but gold rose 63%, while gold funds for ordinary investors took in 801 tonnes.
DISCLAIMER: This article is strictly educational. Any information or analysis in this note is not an offer to sell or the solicitation of an offer to buy any securities. Nothing in this note is intended to be investment advice and nor should it be relied upon to make investment decisions. Any opinions, analyses, or probabilities expressed in this note are those of the author as of the note's date of publication and are subject to change without notice.