Poland Leads 2026 Central-Bank Gold Buying as Russia Sells
TradingOct 11, 2026
Poland has bought more gold than any other reporting central bank in 2026, while Russia and Turkey have been net sellers, exposing a divide beneath the headline increase in official-sector demand. Central banks reported net purchases of 39 tonnes in August, bringing the first eight months of the year to 170 tonnes, according to figures compiled by the World Gold Council from central-bank and IMF data. 1
Poland added eight tonnes in August, lifting its year-to-date purchases to 98 tonnes and taking its holdings to approximately 648 tonnes. China acquired 20 tonnes during the month, its twenty-second consecutive reported monthly increase, and has added 80 tonnes this year. The People's Bank of China's gold stock was about 2,387 tonnes, equivalent to roughly 9% of its official reserves. The two countries have accumulated gold consistently, but their pace and starting reserve allocations differ. 1
Other central banks also expanded holdings. Uzbekistan acquired eight tonnes in August, bringing its purchases for the year to nearly 50 tonnes; Kazakhstan added seven tonnes in the month and had bought roughly 36 tonnes year-to-date. The Czech Republic purchased two tonnes in August, continuing an extended sequence of monthly buying. These additions show that the reported demand was broader than a single large reserve manager. 1
The sales are equally important. Russia disposed of six tonnes in August and 56 tonnes through the first eight months. Turkey, despite buying three tonnes in August, remained a net seller of 82 tonnes for the year after significant first-quarter disposals. Jordan sold three tonnes during August. Net demand is the difference between purchases and sales: describing 170 tonnes as if all reserve managers were accumulating would misrepresent the underlying activity. 1
The World Gold Council's 39-tonne figure is based on reported reserve changes and should not be confused with its broader official-sector demand estimates, which can include estimates of unreported buying. Country-level data may also be revised as authorities submit updated reports. That distinction is material when comparing these monthly disclosures with annual gold-demand surveys or forecasting the official sector's effect on the bullion market. 1
Reserve managers do not necessarily transact for the same reasons. Diversification, liquidity, currency exposure, domestic financial conditions and geopolitical risk can pull national strategies in different directions. At the London Bullion Market Association's 2026 conference, reserve-management survey findings cited diversification as a prominent reason for holding gold, but a survey of intentions is not a commitment to buy at a particular price. 2
For investors, the useful signal is not simply another month of central-bank purchases. It is the persistence of accumulation in Poland and China despite substantial sales elsewhere. Future disclosures will show whether those two buyers continue to dominate reported flows and whether selling in Russia and Turkey moderates. Until then, the latest data support a positive net demand picture, not an assumption of synchronized buying across central banks. 12
Poland added eight tonnes in August, lifting its year-to-date purchases to 98 tonnes and taking its holdings to approximately 648 tonnes. China acquired 20 tonnes during the month, its twenty-second consecutive reported monthly increase, and has added 80 tonnes this year. The People's Bank of China's gold stock was about 2,387 tonnes, equivalent to roughly 9% of its official reserves. The two countries have accumulated gold consistently, but their pace and starting reserve allocations differ. 1
Other central banks also expanded holdings. Uzbekistan acquired eight tonnes in August, bringing its purchases for the year to nearly 50 tonnes; Kazakhstan added seven tonnes in the month and had bought roughly 36 tonnes year-to-date. The Czech Republic purchased two tonnes in August, continuing an extended sequence of monthly buying. These additions show that the reported demand was broader than a single large reserve manager. 1
The sales are equally important. Russia disposed of six tonnes in August and 56 tonnes through the first eight months. Turkey, despite buying three tonnes in August, remained a net seller of 82 tonnes for the year after significant first-quarter disposals. Jordan sold three tonnes during August. Net demand is the difference between purchases and sales: describing 170 tonnes as if all reserve managers were accumulating would misrepresent the underlying activity. 1
The World Gold Council's 39-tonne figure is based on reported reserve changes and should not be confused with its broader official-sector demand estimates, which can include estimates of unreported buying. Country-level data may also be revised as authorities submit updated reports. That distinction is material when comparing these monthly disclosures with annual gold-demand surveys or forecasting the official sector's effect on the bullion market. 1
Reserve managers do not necessarily transact for the same reasons. Diversification, liquidity, currency exposure, domestic financial conditions and geopolitical risk can pull national strategies in different directions. At the London Bullion Market Association's 2026 conference, reserve-management survey findings cited diversification as a prominent reason for holding gold, but a survey of intentions is not a commitment to buy at a particular price. 2
For investors, the useful signal is not simply another month of central-bank purchases. It is the persistence of accumulation in Poland and China despite substantial sales elsewhere. Future disclosures will show whether those two buyers continue to dominate reported flows and whether selling in Russia and Turkey moderates. Until then, the latest data support a positive net demand picture, not an assumption of synchronized buying across central banks. 12
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