Source: BestBrokers
In late August, Goldman Sachs Research forecast that central banks would buy an average of 50 tonnes of gold per month in 2026, almost three times the 17-tonne monthly average seen before 2022. With several months of the year still to go, it remains to be seen whether central bank buying will reach that pace.
In light of this, a comprehensive report exploring global gold supply and demand trends in 2026 has been prepared. Using the latest World Gold Council reserve data and LBMA gold prices as of 16 July 2026, the team at BestBrokers analysed the central banks that have accumulated the most gold so far this year. Researchers also looked at how much these purchases are worth today, and how global buying compares with central bank sales.
The complete dataset behind the report is also available.
Latest data shows that the summer months brought no pause in central banks’ efforts to build up their gold reserves, with total reported purchases exceeding 287 tonnes so far this year. Poland and China alone account for more than 52% of this increase, adding 90 tonnes and 60 tonnes respectively, and further strengthening their positions among the world’s largest gold holders.
On the selling side, Turkey and Russia have continued to reduce their reserves, with net outflows of 84.5 tonnes and 49.8 tonnes respectively so far this year.
The biggest gold purchases by central banks so far in 2026
- Poland: +90 tonnes, bringing total reserves to 640.21 tonnes
- China: +60 tonnes, bringing total reserves to 2,366.33 tonnes
- Uzbekistan: +40.4 tonnes, bringing total reserves to 430.78 tonnes
- Kazakhstan: +28.7 tonnes, bringing total reserves to 369.76 tonnes
- Czech Republic: +12.5 tonnes, bringing total reserves to 84.08 tonnes
- Singapore: +10 tonnes, bringing total reserves to 203.54 tonnes
- Chile: +9.5 tonnes, bringing total reserves to 9.79 tonnes
- Malaysia: +5.9 tonnes, bringing total reserves to 44.79 tonnes
- Ghana: +5.8 tonnes, bringing total reserves to 24.40 tonnes
- Jordan: +4.9 tonnes, bringing total reserves to 77.76 tonnes
Key takeaways
- More than half of the gold bought by central banks so far in 2026 has gone into the reserves of just two countries: Poland and China. Together, they have added 150 tonnes, accounting for 52.2% of the 287.4 tonnes accumulated by countries with positive changes. Add Uzbekistan and Kazakhstan to the picture, and the four largest buyers account for 219.1 tonnes — more than three-quarters (76.2%) of the total.
- Poland is not simply maintaining its gold position, it is rapidly reshaping it — its 90-tonne increase in 2026 follows purchases of 102 tonnes in 2025, 89.5 tonnes in 2024, and 130 tonnes in 2023. That amounts to more than 411 tonnes added in four years, taking its holdings to 640.2 tonnes. As of September 2026, gold already represents 28.2% of its reserves.
- China's buying is becoming more significant, even though gold remains a relatively small part of its reserve portfolio — it added 60 tonnes in 2026, more than twice its 2025 increase of 27 tonnes, yet gold accounts for only 8.1% of its reserves. Its per-capita holdings also remain relatively modest at 1.67 grams, compared with 16.92 grams in Poland, despite China holding nearly four times as much gold in absolute terms.
- Uzbekistan, Kazakhstan and the Czech Republic round out the five biggest buyers in 2026, adding 40.4, 28.7, and 12.5 tonnes respectively. For Uzbekistan and Kazakhstan, these additions amount to almost 10% and 8% of their existing gold stocks, while the Czech Republic’s purchase represents nearly 15% of its holdings.
- Turkey stands out on the selling side, with official gold holdings down 84.5 tonnes in 2026, largely reflecting heavy disposals in the first quarter, including a 60.4-tonne reduction in March. The picture is broader when gold used in separate liquidity and foreign-exchange operations is included: additional transactions bring Turkey’s total reduction since January to more than 123 tonnes.
- Russia and Azerbaijan’s SOFAZ also reported sizeable reductions, with their gold holdings falling by 49.8 and 21.9 tonnes respectively. Russia posted the second-largest decline in the dataset, while SOFAZ’s entire reduction was made in March, its only month of reported activity so far this year.
‘With the final quarter of 2026 approaching, the year’s gold transactions have already brought some movement to the ranking of the world’s largest gold holders. Whether the remaining months will trigger another reshuffle remains to be seen, but continued buying and selling activity could make the year-end standings notably different from those at the start of it.’ — Alan Goldberg, lead data analyst at BestBrokers.
The analysis is based on official central bank gold reserve data published by the World Gold Council covering January to July 2026, the latest data reported by central banks to the International Monetary Fund.
More information about countries’ demand for gold is available in the full report. It includes more details about the latest changes in the official national gold reserves, as well as the complete methodology behind the findings.