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.
