Central Bank Gold Buying Was Up in Q1 -

Despite record-high prices early in the quarter and an uptick in selling at the end, central bank gold buying was up modestly in the first quarter.
Based on the World Gold Council’s number crunching of IMF and other data, central bank gold purchases were up a net 3 percent year-on-year, coming in at 243.7 tonnes.
That represented a 17 percent increase over Q4 2025 and was above the 5-year average. The World Gold Council said this underscored a “continued commitment to strengthening reserves with gold,” along with “the broadly strategic nature of their purchases and continued confidence in gold’s role as a store of value during periods of uncertainty.”
<img src="https://www.moneymetals.com/uploads/content/central-bank-gold-buying-q126.png" width="750" height="456" class="mx-auto p-3" alt="" />
<h2>The Gold Buyers</h2>
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Despite rumors that Poland might sell gold to fund defense spending, the National Bank of Poland was the top gold buyer in Q1, adding another 31 tonnes to its reserves. The Polish central bank was also the biggest gold purchaser last year.
The Polish central bank now holds 582 tonnes of the yellow metal, accounting for around 31 percent of its official reserves.
Late last year, the <a href="https://www.moneymetals.com/news/2026/01/23/poland-announces-plans-for-another-expansion-in-gold-reserves-004631">National Bank of Poland issued a statement saying it plans to purchase up to 150 more tonnes of gold</a>, raising its holdings to a maximum of 700 tonnes.
NBP Governor Adam Glapiński said the increase in gold reserves would elevate Poland to an “elite” status.
“This will place Poland among the elite 10 countries with the largest gold reserves in the world.”
<a href="https://www.moneymetals.com/news/2025/05/19/poland-has-more-gold-than-the-european-central-bank-004053">The Polish central bank already holds more gold than the European Central Bank</a>. To put the country's gold reserves in context, the NBP held just 14 tonnes of gold in 1996.
The Central Bank of Uzbekistan was the number two gold buyer last quarter, adding 25 tonnes to its gold reserves. The latest buying lifts its gold holdings to 416 tonnes, representing 87 percent of the country’s total reserves.
It is not uncommon for banks that buy from domestic production – such as Uzbekistan and Kazakhstan – to flip-flop between buying and selling. 
Speaking of Kazakhstan, its central bank was also in a buying mood in Q1, expanding its reserves by 12 tonnes.
The People’s Bank of China continued adding gold to its official reserves and quickened its buying pace with a 5-tonne purchase as prices fell in March, pushing its Q1 total to 7 tonnes.
The Chinese central bank has reported an increase in official reserves for 17 straight months.
It's reported that gold reserves now stand at 2,313 tonnes, making up about 9 percent of total official reserves.
Notice the emphasis on "official."
China is among the central banks that are likely to hold significantly more gold than they publicly disclose. As Jan Nieuwenhuijs has reported, the People's Bank of China is secretly buying large amounts of gold off the books. According to <a href="https://www.moneymetals.com/news/2025/04/02/chinas-gold-reserves-going-through-the-roof-003956">data parsed by the renowned Money Metals researcher</a>, the Chinese central bank is currently sitting on more than 5,000 tonnes of monetary gold located in Beijing – more than TWICE what has been publicly admitted.
Mainstream reporting has <a href="https://financialpost.com/financial-times/chinas-secretive-gold-purchases-fuel-rally">finally picked up on this</a>.
Notably, the World Gold Council reported, “Unreported buying remained elevated in the quarter.”
The Czech Republic has been one of the most consistent buyers over the last few years. The trend continued in Q1, as the Czech central bank expanded its reserves by another 5 tonnes. The Czechs have adopted a slow, steady approach, buying gold for 37 straight months.
The country added 20 tonnes to its holdings last year. It now holds 78 tonnes of gold. Czech officials say they plan to increase gold reserves to 100 tonnes by 2028. 
There were several other buyers during the quarter.
<ul>
<li>Malaysia(5 tonnes) </li>
<li>Guatemala(2 tonnes) </li>
<li>Cambodia(2 tonnes)</li>
<li>Indonesia(2 tonnes)</li>
<li>Serbia(1 tonne)</li>
<li>The UAE (1 tonne)</li>
</ul>
<h2>The Gold Sellers</h2>
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Net gold sales increased dramatically in the first quarter, totalling around 115 tonnes.
Turkey’s reserves fell by about 70 tonnes in the first quarter as <a href="https://www.moneymetals.com/news/2026/03/27/turkey-sells-60-tonnes-of-gold-to-backstop-lira-004792">the central bank sold metal</a> to backstop its currency and cover rising energy costs.
Central Bank of Turkey Governor Fatih Karahan noted that “a significant part of these transactions are in the nature of gold-currency swap futures. In other words, when it matures, the gold in question will return to our reserves.”
Russia was also a seller last quarter, reducing its reserves by 22 tonnes. <a href="https://www.moneymetals.com/news/2026/04/30/russia-selling-gold-to-fill-budget-hole-004882">The Russian government is tapping into gold reserves</a> to fill budget holes created by the ongoing war with Ukraine and the ongoing economic sanctions.
While not a central bank, the State Oil Fund of Azerbaijan holds a significant amount of gold. However, its reserves fell by 22 tonnes in Q1 as it divested about half of the 53 tonnes it purchased last year.
The National Bank of the Kyrgyz Republic sold 1 tonne of gold, and the Bulgarian central bank transferred 2 tonnes of metal to the European Central Bank as part of its inclusion in the eurozone.
<h2>The Big Picture</h2>
Q1 gold buying continues a trend that’s been in place for several years.
The pace of purchases moderated in 2025 but remained far above the recent historical average. Official net full-year buying came in at 863.3 tonnes. That was down 21 percent year-on-year, charting the lowest level since 2021.
However, while central bank gold purchases declined last year, they were still well above the 2010-2021 annual average of 473 tonnes.
Last year was the fourth-largest expansion of central bank gold reserves on record. The all-time high was set in 2022 (1,136 tonnes). It was the highest level of net purchases on record, dating back to 1950, including since the suspension of dollar convertibility into gold in 1971.
The surging gold price was likely a factor in slowing central bank gold accumulation. As the World Gold Council put it, the higher price prompted “a more cautious approach.”
“This highlights that central banks are not insensitive to price dynamics, even as their long-term strategic interest in gold remains firmly intact.”

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