Archive · 7 Sep 2026
Central Banks Keep Buying Gold as Reserve Strategies Shift
Central banks are organizations that manage countries’ money reserves.
Many of them have been buying more gold.
China and Poland were important buyers in July 2026.
Russia, Turkey, Jordan, and Uzbekistan sold some gold during the month.
Countries say gold can help spread risk because it does not depend on one government or currency.
Geopolitical tensions and concerns about government deficits are also encouraging some purchases.
However, central banks bought less gold through July than during the same period last year.
The article says gold is now a larger share of official reserves worldwide than US Treasury bonds.
Central banks reportedly added 23 tonnes of gold in July 2026, extending a buying streak that has lasted most of the year.
China bought 20 tonnes and Poland bought 8 tonnes, while Russia sold 6 tonnes; the article’s itemized figures do not reconcile with its 23-tonne total.
Poland leads 2026 purchases with 90 tonnes, followed by China with 60 tonnes and Uzbekistan with 40 tonnes.
Central banks bought about 130 tonnes through July 2026, below the roughly 160 tonnes purchased during the same period in 2025.
Gold accounted for 27% of global official reserves at the end of 2025, surpassing US Treasuries at 22%, according to the article.
- Who
- Central banks, especially the People’s Bank of China and the National Bank of Poland, were major participants; Russia was the largest reported seller in July.
- What
- Central banks continued restructuring their reserves through gold purchases and sales.
- When
- The figures cover July 2026, year-to-date 2026, and reserve data through the end of 2025 or March 31, 2026.
- Where
- The activity involved central banks worldwide, including China, Poland, Russia, India, Turkey, Uzbekistan, and other countries.
- Why
- The article attributes the buying to diversification, geopolitical tensions, inflation concerns, government deficits, and reduced reliance on individual currencies or bond markets.
Reasons to Increase Gold Holdings
Reasons for Caution or Sales
Reserve diversification
Reasons to Increase Gold Holdings
Gold has no counterparty risk and can reduce dependence on a single currency or bond market.
Reasons for Caution or Sales
The article notes that some central banks, including Russia, Turkey, Jordan, and Uzbekistan, sold gold despite the broader buying trend.
Geopolitical and inflation risks
Reasons to Increase Gold Holdings
Geopolitical tensions, government deficits, and inflation concerns are cited as reasons to hold more gold.
Reasons for Caution or Sales
The overall pace of official buying has slowed, with about 130 tonnes purchased through July 2026 versus roughly 160 tonnes in the comparable period of 2025.
Relative importance of gold
Reasons to Increase Gold Holdings
Gold rose to 27% of global official reserves and overtook US Treasuries at 22%, according to the article.
Reasons for Caution or Sales
Monthly buying was described as relatively modest, and individual countries are making different choices about whether to accumulate or sell.
- Reported July purchases
- Central banks added 23 tonnes of gold in July 2026, according to the article.
- China
- The People’s Bank of China bought 20 tonnes in July, bringing its reported holdings to about 2,366 tonnes.
- Poland
- The National Bank of Poland bought 8 tonnes in July and 90 tonnes year-to-date, reaching 640 tonnes.
- Russia
- Russia sold 6 tonnes in July and 50 tonnes year-to-date, reducing its holdings to 2,277 tonnes.
- India
- The Reserve Bank of India held 880.52 tonnes of gold on March 31, 2026, after buying 4.02 tonnes in 2025.
- Year-to-date comparison
- Central banks bought about 130 tonnes through July 2026, compared with roughly 160 tonnes during the same period in 2025.
- Reserve composition
- Gold represented 27% of global official reserves at the end of 2025, while US Treasuries represented 22%.
- Data discrepancy
- The reported 23-tonne July total does not match the article’s itemized figures: 20 tonnes bought by China and 8 by Poland, offset by 9 tonnes of reported sales, equals 19 tonnes.