After weak Q1 numbers, institutions have registered a rise in gold purchases in Q2, reaching a period record.

The World Gold Council (WGC) found that central bank demand rebounded sharply in Q2 2026, with net purchases reaching 288.9 tonnes, a 62% increase compared to the same period in 2025 (177.9 tonnes).

This also represents a sharp increase compared to revised numbers from Q1, when net accumulation slowed down to 57 tonnes. This recovery had two main drivers: an increase in purchases from the Central Bank of Poland and the People’s Bank of China, and a slowdown in sales from Turkey and Russia.

Even so, overall central bank gold demand fell to the lowest since 2022, registering only 345t due to hefty sales from Turkey, Russia and Azerbaijan.

The largest buyer in Q2 was, as expected, the National Bank of Poland, which has a self-established goal of reaching 700 tonnes for its national reserves. The bank acquired 51 tonnes, which, together with the 31 tonnes purchased in Q1, account for the 82 tonnes brought home by the institution during H1.

The People’s Bank of China also registered an increased interest in gold, purchasing the most since Q4 2023, with its reported reserves reaching 2,346 tonnes. Nevertheless, several reports indicate that China is covertly accumulating gold through London imports that go undeclared as the country shifts from dollars to gold. This is consistent with WGC findings, which determined that undeclared gold purchases were elevated.

Uzbekistan, with 16 tonnes; Kazakhstan, with 15 tonnes; the Central Bank of Jordan, with 6 tonnes, and the Czech Republic, with 6 tonnes, also contributed to the record demand in Q2.

In contrast, the Bank of Russia registered the most gold sold in Q2, with 22 tonnes, as reports indicate it seeks to plug its federal budget deficit. Turkey, the largest seller in Q1, slowed its unloading, accounting for 4 tonnes in this period.

WGC’s own Central Bank Gold Reserves Survey anticipates that gold purchases will continue to gain momentum later this year, with 89% of central bankers expecting gold reserves to increase in the next 12 months.

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。