Central bank gold buying moderated at the start of the year, the World Gold Council reported March 3, as escalating geopolitical tensions continue to influence reserve strategy.

“Geopolitical uncertainty remains a persistent backdrop to central bank demand, with January’s high volatility being a notable exception,” the report states, adding:

“The next 10-15 days could prove crucial in shaping the geopolitical backdrop this year, as US-Iran tensions continue to escalate with little indication of diplomatic resolution in sight.”

Net purchases totaled 5 tonnes in January, easing from the 2025 monthly average of 27 tonnes. While volatile prices and seasonal factors slowed momentum, the council indicated that persistent instability, including rising friction between Washington and Tehran, is likely to sustain official-sector interest in gold through 2026 and beyond.

Buying was concentrated in Central and East Asia, alongside select Eastern European institutions. The Central Bank of Uzbekistan increased holdings by 9 tonnes, bringing reserves to 399 tonnes, or 86% of its reserves as of January 2026. Bank Negara Malaysia acquired 3 tonnes, marking its first expansion since 2018, while the Czech Republic and Indonesia each secured 2 tonnes. China and Serbia raised allocations by 1 tonne apiece, extending China’s accumulation streak to 15 consecutive months and lifting gold to nearly 10% of reserves. Russia recorded the largest reduction at 9 tonnes, and the Bulgarian National Bank transferred 2 tonnes to the European Central Bank following Bulgaria’s European Union accession. Kazakhstan and the Kyrgyz Republic each trimmed 1 tonne.

The report concluded that a broadening demand base could emerge as a defining theme in 2026, with renewed participation from Malaysia and a planned return to gold-related investments by the Bank of Korea. Against a backdrop of intensifying U.S.-Iran tensions and wider geopolitical fragmentation, sustained accumulation since 2022 underscores how central banks are positioning reserves amid an evolving global order.

• Why did central bank gold buying slow in January?
  Volatile prices and seasonal factors tempered purchases despite ongoing geopolitical uncertainty.
• How are U.S.-Iran tensions influencing gold demand?
  Escalating friction is reinforcing gold’s appeal as a strategic reserve asset for central banks.
• Which regions are leading official gold accumulation?
  Central and East Asia, along with select Eastern European institutions, drove most net purchases.
• What does sustained central bank accumulation mean for investors?
  Persistent official-sector demand signals structural support for gold prices over the medium term.

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