Central banks bought 288.9 tonnes of gold in the second quarter of 2026, a 62% jump from the same period a year earlier. The surge was driven by heavy buying from Poland, Uzbekistan, and China, according to data released by the World Gold Council. But the first half of the year still saw the lowest total demand since 2022.
Who bought and who sold
Poland led the pack in Q2, adding 42 tonnes to its reserves. Uzbekistan followed with 31 tonnes, and China bought 28 tonnes. On the other side, Russia and Turkey were net sellers during the quarter. The World Gold Council compiles its figures from official central bank reports.
First-half totals lag behind recent years
Despite the strong second quarter, central bank gold demand for the first six months of 2026 came to 345 tonnes. That's the lowest half-year figure since 2022. The drop suggests that the buying spree in Q2 wasn't enough to make up for a weak start to the year.
What the data means
The 62% year-on-year increase in Q2 shows that some central banks are still keen to diversify reserves away from dollars and euros. Poland and Uzbekistan have been consistent buyers for several quarters. China's continued purchases signal that Beijing sees gold as a strategic asset. But the net selling by Russia and Turkey points to different pressures — possibly a need for foreign currency or a shift in reserve management.
The World Gold Council's report doesn't offer explanations for the trends. It simply presents the numbers. That leaves analysts to guess at the motives behind each country's moves.
The next quarterly update from the World Gold Council is due in October. That report will show whether the Q2 pace held or if central banks pulled back again.
