Archive · 7 Oct 2026
Central Banks’ Gold Buying Rises in August, Led by China
Central banks around the world bought more gold than they sold in August.
Together, their net purchases were 39 tonnes.
China bought the most, adding 20 tonnes for the 22nd month in a row.
Poland, Uzbekistan and Kazakhstan also bought gold.
Russia sold some of its gold, while Turkey returned to buying after selling in earlier months.
These banks say their decisions reflect longer-term reserve plans as well as changing needs.
The article says gold’s price has fallen from its January peak amid concerns about inflation, interest rates and renewed US-Iran tensions.
Central banks reported net gold purchases of 39 tonnes in August, bringing year-to-date purchases to 170 tonnes.
China led August buying with 20 tonnes, its 22nd consecutive month of purchases; it has added 80 tonnes this year.
Poland, Uzbekistan and Kazakhstan bought 8, 8 and 7 tonnes respectively in August; Poland leads year-to-date purchases with 98 tonnes.
Russia sold 6 tonnes in August and 56 tonnes this year, while Turkey bought 3 tonnes after selling in May, June and July.
Gold traded at $4,120 an ounce on Thursday, down 25% from its January 29 peak of $5,608, according to the article.
- Who
- Central banks, with China the largest August buyer.
- What
- Central banks reported net gold purchases of 39 tonnes in August; Russia remained a seller.
- When
- August 2026; the report was published October 7, 2026.
- Where
- Among central banks worldwide, including those of China, Poland, Uzbekistan, Kazakhstan, Turkey and Russia.
- Why
- Purchases reflect long-term reserve objectives; the article says monthly changes also reflect market conditions and country-specific liquidity needs.
Gold accumulation
Gold sales
Central bank reserve decisions
Gold accumulation
China, Poland, Uzbekistan and other central banks bought gold, reflecting long-term reserve objectives and ongoing accumulation programmes.
Gold sales
Russia continued selling gold; the article says it is doing so to cover its budget deficit amid higher defence spending and lost oil and gas revenues.
Turkey's gold activity
Gold accumulation
Turkey bought 3 tonnes in August after selling in May, June and July.
Gold sales
Turkey sold and swapped 58–60 tonnes worth $8 billion in the first quarter to protect the lira and foreign exchange reserves; it had sold 82 tonnes year to date.
- Global net purchases in August
- 39 tonnes
- Reported purchases year to date
- 170 tonnes
- China's August purchases
- 20 tonnes; 80 tonnes added year to date
- Poland's year-to-date purchases
- 98 tonnes, the highest reported
- Russia's August sales
- 6 tonnes; 56 tonnes sold year to date
- Gold price cited
- $4,120 per ounce on Thursday
- Gold's cited January peak
- $5,608 per ounce on January 29