Central Banks Bought 289 Tonnes of Gold in Q2 – Another Record
Central banks bought a record 289 tonnes of gold in the second quarter of 2026 – 62–74% more than a year earlier and almost five times the first-quarter volume. For investors considering investment gold of their own, it is another sign that demand for physical metal is growing across the whole market – and JP Morgan analysts even talk of a gold price of USD 6,000 per ounce by the end of the year. You can follow the current price on the Gold price page.
The record quarter in figures
| Period | Central bank net purchases |
|---|---|
| Q2 2026 | 289 tonnes |
| Q2 2025 (year on year) | 177.9 tonnes (+62%) |
| Q1 2026 (quarter on quarter) | 57 tonnes (revised, ~5× less) |
Source: World Gold Council, Gold Demand Trends Q2 2026. It is the strongest second quarter on record.
Who bought the most
| Central bank | Purchases in Q2 2026 |
|---|---|
| Poland (NBP) | 51 tonnes |
| China (PBoC) | 33 tonnes |
| Uzbekistan | 16 tonnes |
| Kazakhstan | 15 tonnes |
| Jordan | 6 tonnes |
| Czech National Bank | 6 tonnes |
Poland clearly tops the table – it has long been one of the most active central banks in the world – closely followed by China, which recorded its largest quarterly increase since the end of 2023. Interestingly, the Czech National Bank is also among the buyers – the institution that manages the reserves of the country where GOLDU is based.
Who was selling
Only two central banks went against the tide. The Russian central bank sold 22 tonnes of gold, reportedly partly to cover its budget deficit. Turkey, after heavy selling in the first quarter, slowed sharply and sold only 4 tonnes in Q2.
Why central banks buy gold
Behind the buying wave are the long-term trend of diversifying reserves away from the US dollar, concerns about geopolitical risks and some countries’ experience of having foreign-exchange reserves frozen in recent years. As an asset without counterparty risk, gold offers central banks an independence that bonds or foreign currencies cannot guarantee – gold has already overtaken bonds as the main reserve asset of central banks. We look at central banks’ motives in more detail in the article Why central banks buy gold.
What the price says – and where analysts think it could go
Gold is currently trading around USD 4,060 per ounce. JP Morgan Global Research analysts expect the price could reach up to USD 6,000/oz by the end of 2026, with an outlook of USD 6,300/oz for 2027. It should be added that this is one of the bolder estimates in the market – not all analysts are equally optimistic, and in the short term the price may also swing sharply lower, as shown by the fall in total global gold demand in Q2 2026 to 942 tonnes (the lowest since 2021), caused by weaker jewellery demand and outflows from some ETFs.
Why you should not rely on central banks
According to a World Gold Council survey, 89% of central bankers expect global gold reserves to rise over the next 12 months. But you cannot rely on these data blindly – central bankers are politicians more than economists. Purchases and sales are political decisions that can change overnight, as the examples of Russia and Turkey show. For private investors it is therefore wiser to rely on their own judgement and physical ownership rather than on what any particular central bank is doing.
What this means for small investors
Record central bank purchases confirm long-term confidence in gold as a store of value, but they should not be the only reason to invest – they are a strong argument for gold’s relevance as an asset class, not a guarantee of rising prices. Anyone considering physical gold to complement a portfolio can start with a smaller weight, for example – an overview is given in the article Which gold bar weight to choose. Before you start, read our guide How to start investing in gold and why it makes sense to hold gold physically at home rather than just on paper – Risks of gold savings plans.
Frequently asked questions
How much gold did central banks buy in Q2 2026?
According to the World Gold Council, 289 tonnes (net purchases), 62–74% more year on year and the strongest second quarter on record.
Which central bank bought the most gold?
Poland bought the most (51 tonnes), followed by China (33 tonnes), Uzbekistan (16 tonnes) and Kazakhstan (15 tonnes).
Did any central bank sell gold?
Yes, Russia (22 tonnes) and Turkey (4 tonnes) were net sellers, though in far smaller volumes than the other banks bought.
Is the USD 6,000 per ounce forecast for end-2026 reliable?
It is an estimate by JP Morgan Global Research and one of the bolder forecasts in the market. Precious metal prices depend on many factors, and no forecast is guaranteed.
Do central bank purchases mean the gold price will certainly rise?
No. They are political decisions by individual banks that can change at any time. They are a strong indicator of long-term demand, but no guarantee of future price developments.
The figures and estimates come from publicly available sources (World Gold Council, JP Morgan Global Research) and are no guarantee of future developments.
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About the author
HEFFO, GOLDU’s blogger, sees everything in context. From a pile of global numbers and news, he fishes out what matters and adds a conclusion you would not have expected. The precision of his conclusions and his love of chocolate suggest he has lived in Switzerland for years.
