Central banks added 244 metric tonnes of gold to their reserves in the first three months of 2026, a quarterly total that puts the buying spree among the heaviest on record. The purchases come with a twist: a growing number of these institutions are storing the metal at home rather than in the traditional hubs of London, New York or Switzerland.
Why storage locations matter
For decades, most central bank gold sat in a handful of secure vaults abroad, primarily managed by the Bank of England, the Federal Reserve Bank of New York or the Bank for International Settlements. That model made it easy to settle trades and lease gold quickly. But the latest data from the World Gold Council shows a clear pivot toward domestic vaults, a shift that central bankers say gives them direct control over a key reserve asset.
Scale of the first-quarter buying
The 244-tonne figure represents a sustained appetite for gold that began during the pandemic and has not let up. Major buyers include central banks in China, Poland, India and Turkey, though a number of smaller institutions also added to their holdings. The total surpasses the quarterly average of the past two years, when purchases already ran at historically high levels.
What the domestic shift means for markets
Moving gold out of the main trading centers could reduce the amount of metal available for lease or swap transactions, which in turn may lower liquidity in the global gold market. Analysts at several banks have flagged the risk that price discovery becomes less efficient if a larger share of bullion sits idle in national vaults. The World Gold Council’s report notes that the storage shift “may alter global gold trading dynamics, impacting market liquidity and stability.”
Exactly how large the effect will be depends on how many central banks follow the trend. Some institutions have already completed repatriation; others are still weighing the costs of building or retrofitting their own vaults. The transition is unlikely to be abrupt, but each quarter’s data will give a clearer picture of how much gold is being taken off the open market.
Next quarter in focus
The next set of central bank reserve figures, due in late July, will show whether Q1’s pace continues. Market participants are also watching for any signs that the shift is already affecting the gold forward curve or lease rates. For now, the buying shows no sign of slowing, and the geography of gold storage is quietly redrawing itself.
