AI said.

Central banks, driven by a desire to diversify away from dollar-denominated assets and secure long-term stability, are buying gold at record levels in 2026, with 95% of surveyed banks expecting to increase reserves. Major buyers include the National Bank of Poland (leading with 95t+ in 2025-2026), China (PBOC), Turkey, India, Kazakhstan, Brazil, and Uzbekistan. 

Key Central Bank Buyers (Late 2025–Early 2026):

• Poland (NBP): The largest purchaser, recently boosting reserves to over 543t, nearing a 30% total reserve target.
• China (PBOC): Continues consistent, long-term buying to diversify reserves away from the U.S. dollar, with holdings over 2,300t.
• Turkey: Consistently high, with substantial holdings (644t+).
• India: A major, consistent buyer of gold.
• Central Bank of Brazil: Re-entered the market, adding significant amounts to its reserves.
• Uzbekistan & Kazakhstan: Active, consistent buyers.
• Other Notables: The Central Bank of Hungary, Czech National Bank, Bank of Tanzania, and Iraq. 

Reasons for Accumulation:

• Diversification & Risk Management: Reducing reliance on the U.S. dollar.
• Long-Term Security: Used as a hedge against inflation and geopolitical risks,, especially following central bank actions in recent years.
• Safety Asset: Gold is viewed as a "safe haven" and "trust anchor" for the financial system. 

As of early 2026, central banks are continuing to purchase, with net buying remaining historically high, supporting high global gold prices.