Central banks' Jan gold buying eased to 5 tonnes on volatile prices, says WGC
This story was originally published at 12:36 IST on 4 March 2026
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MUMBAI – Gold purchases by global central banks slowed down in January, but the demand base appeared to be broadening. In the first month of 2026, major global central banks bought, on a net basis, just 5 tonnes of the yellow metal compared with a monthly average of 27 tonnes in 2025, the World Gold Council said in its monthly report.
During January, Bank Negara Malaysia net bought 3 tonnes of gold, the first such purchase since 2018. "Bank of Korea looks to resume gold investments for the first time since 2013," the council said in its report, indicating a broadening of the central bank demand base for the metal.
Although geopolitical uncertainties remained a persistent backdrop to central banks' demand for gold, January's high volatility was a notable exception, according to the report.
The council said buying of gold in January was led by Central Asian and East Asian central banks, with Eastern European central banks also adding to their reserves. Central Asia saw activity on both sides of the ledger. Uzbekistan emerged the top buyer with its purchase of 9 tonnes, taking its reserves to 399 tonnes, while Russia was the top seller, selling the same amount of gold. Kazakhstan and the Kyrgyz Republic were net sellers of 1 tonne each.
The Bulgarian National Bank sold 2 tonnes of gold in January. It transferred the gold to the European Central Bank as part of the country's adoption of the euro from Jan. 1, making Bulgaria the 21st member of the European Union.
The central banks of the Czech Republic and Indonesia bought 2 tonnes of gold each, while those of China and Serbia purchased 1 tonne each.
"Volatile gold prices and the holiday season may have given some central banks pause, though geopolitical tensions, which have shown little sign of abating, are likely to keep accumulation going through 2026 and beyond," the WGC said in the report. End
Reported by Abhijit Doshi
Edited by Rajeev Pai
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