Category 1: Continuous increase in holdings China: Net increase in gold holdings in July was about 20 tons, marking the fifth consecutive month of increase and the highest monthly increase since October 2023. As of the end of July, China's official gold reserves reached a historical high of approximately 2377.5 tons. Poland: One of the most aggressive buyers this year. Poland increased its gold holdings by approximately 51 tons in the second quarter, making it the largest buyer among global central banks with a total holding of 550 tons. As of the end of June, Poland has become one of the representative countries for the European Central Bank's gold purchases. Its characteristic is not to buy occasionally, but to continuously enhance the strategic position of gold in foreign exchange reserves. 3. Kazakhstan: Continue to buy, but lean more towards "resource-based national reserve management". The Central Bank of Kazakhstan increased by about 15 tons in the second quarter, ranking among the top five gold buyers in the world. Kazakhstan itself is an important gold producing country, so its gold purchases have a special feature: it can directly supplement official reserves through domestic gold production, unlike Poland which mainly relies on international markets for purchases. 4. Czech Republic: Continuously increasing gold reserves, with a significant change in strategic attitude, the Czech Central Bank increased by about 6 tons in the second quarter. Although the absolute quantity is not large, its significance lies in the fact that the Czech Central Bank previously had a low gold reserve size and is now systematically increasing its gold allocation. This indicates that even developed European economies are beginning to re elevate the status of gold in official reserves. Therefore, the central bank's purchase of gold can no longer be simply understood as "de dollarization of emerging markets". 5. Singapore: Become a buyer again. In May, the Monetary Authority of Singapore made a net purchase of approximately 4 tons, marking its first increase in gold holdings since September 2025. Singapore itself is an important global financial center and foreign exchange reserve management center, so its repurchase of gold has certain signals of reserve diversification. Type 2: Attitude tends to be positive, but the buying pace is unstable India: Gold reserves have also been increasing recently. The changes in India's gold reserves need to be viewed in conjunction with its massive foreign exchange reserves. As of August 14th, India's foreign exchange reserves reached approximately 716.9 billion US dollars, an increase of nearly 10 billion US dollars in a week, of which gold reserves increased by approximately 2.7 billion US dollars. India has increased its gold allocation in sync with the overall growth of its foreign exchange reserves. Category 3: Stage Sales 7 Türkiye: This year is an obvious seller. Türkiye has sold about 83 tons net since this year, with a large number of sales concentrated in the first quarter. The reason is related to Türkiye's own economic and financial environment. After the outbreak of the Iran War, Türkiye's gold reserves once fell sharply. In March, it even decreased by nearly 50 tons per week, marking the largest weekly decline since 2018. Therefore: Türkiye does not "start selling gold" on behalf of the global central bank. It is more a special case of its own foreign exchange, exchange rate and liquidity management. Russia: They are also selling gold this year. As of the second quarter, Russia has sold a net of approximately 44 tons so far this year. According to WGC data, Russia remains one of the major official gold sellers in recent times. Russia has been a typical representative of global central bank gold purchases in the past few years, and now selling indicates that central bank gold purchases are not a one-way trend. Fiscal pressure, foreign exchange liquidity, and war related funding demands will still force some countries to sell gold. Other 9. Federal Reserve and European Central Bank: The focus is not on "buying", but on the "strategic position of gold". For developed economies such as the Federal Reserve, European Central Bank, and Bank of Japan, the situation is different. They did not show any significant sustained increase in holdings. But that doesn't mean they don't consider gold important. Especially in recent years, the central bank's repositioning of gold has been reflected more in its elevated status as a reserve asset, rather than requiring all central banks to buy large amounts of gold.