Poland and China drive central bank gold buying in 2026
Recent IMF and World Gold Council data show Poland and China leading central bank gold purchases in 2026, as countries manage their reserves differently
Poland and China have led official sector gold purchases so far in 2026, according to The Fintech Times, citing International Monetary Fund (IMF) and World Gold Council data for January to August. Across the board, central bank activity reflects a mix of increasing and reducing gold holdings in response to changing reserve strategies.
Poland added 97.8 tonnes of gold through August, nearly matching its 2025 annual total and moving into the top ten countries by official gold reserves. This equates to approximately 17 grams of gold per person in Poland. China, after a quiet start to the year, accelerated its purchases and acquired 80.2 tonnes, taking its official reserves to 2,386.55 tonnes—the fifth biggest worldwide.
Emerging market central banks have also been active. Uzbekistan added 48.2 tonnes, Kazakhstan 36.1 tonnes, and the Czech Republic increased its holding every month, bringing its total to 85.76 tonnes. Meanwhile, Turkey, Russia, and Azerbaijan have reduced their reserves, with Turkey selling 81.6 tonnes for the year before a brief return to small-scale buying in August.
World central bank holdings now stand at 36,888.97 tonnes, around 1.19 billion troy ounces. The spot price of gold was $4,156.40 per troy ounce, according to the London Bullion Market Association (LBMA) on October 6. The Fintech Times notes price pressure from a stronger US dollar and higher US Treasury yields.
Central bank demand and physical market effects
Official sector gold purchases are often discussed as reflecting national financial strategy, but their practical effect on the physical market depends on the structure of the purchase. Central banks primarily transact in wholesale 400-troy ounce good delivery bars. This form is different from the coins and small bars bought by retail investors, and such large trades typically clear through the professional market in financial centers like London.
Data from the IMF and World Gold Council generally report net changes based on figures that central banks release to the public. However, whether new purchases reflect actual physical delivery, gold transferred between accounts, or mere changes in accounting records is seldom made clear in official reports. Similarly, the location and custody of these reserves, whether stored domestically or abroad, are not usually disclosed, nor are independent audit results commonly published.
We think the more revealing question is not simply how much gold central banks say they are buying, but what type of transaction is occurring and where the gold actually resides. For physical market participants, what matters is how much metal is moving out of refineries and vaults for delivery, and whether large official sector transactions affect physical supply. So far, there is little public evidence that central bank buying is limiting physical availability for retail investors. In periods of strong demand for large bars, wholesale market premiums can rise, but this typically happens when multiple official sector or institutional buyers are active at once.
Source: Poland and China Lead Central Bank Gold Buying Surge in 2026 | The Fintech Times
This article is general information, not investment advice. Facts from other publications are their reporting, linked above.