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Informist, Thursday, Apr. 2, 2026

 

MUMBAI – Global central banks bought, on a net basis, 19 tonnes of gold in February, the World Gold Council said in its monthly report. Gold buying in February represented a rebound from the lull witnessed in January, when central bank had bought just 5 tonnes, but the figure was lower than the monthly average of 26 tonnes reported in 2025, it said.

 

In the first two months of 2026, central banks have bought 25 tonnes of gold, which is half of 50 tonnes bought in the same period last year.

 

"February seems to indicate a rebound in central bank buying after a quiet January, highlighting commitment to gold's role in reserves. At the same time, central banks may be prudently price sensitive in their accumulation," the report said.

 

The National Bank of Poland drove much of the buying activity in February, having bought 20 tonnes of gold, taking its total gold reserves to 570 tonnes. The bank has set a target of 700 tonnes of gold. In a recent development, Governor Adam Glapinski had also proposed generating $13 billion through the potential sale of gold reserves to finance defence spending to "generate profits and then buy it back".

 

The Central Bank of Uzbekistan bought 8 tonnes of gold, taking its gold reserves to 407 tonnes. Bank Negara Malaysia's renewed interest continued into February, its second month of net purchases, adding 2 tonnes. The Czech National Bank as well as the People's Bank of China purchased small quantities in February. For China, February was its 16th consecutive month of buying, and saw its gold reserves grow to 2,308 tonnes.

 

On the other hand, Turkey sold 8 tonnes of gold in February, while Russia sold 6 tonnes. "In Turkey's case, the reduction appeared to be reflective of a decline in Treasury holdings, rather than central bank reserves based on our calculations. In March, however, the central bank was highly active, with our estimates indicating it utilised around 50t (tonnes) of its gold reserves for liquidity purposes and FX operations."

 

Some more central banks are likely to enter the market. The Bank of Uganda aims to purchase at least 100 kg of gold between March and June this year from artisanal, medium and large-scale domestic producers, the report said. The move is aimed at bolstering reserves and cushioning the economy from risks in international financial markets. Kenya's central bank Governor Kamau Thugge also signalled similar intentions at a news conference in early February, which alludes to a broader trend of African central banks turning to gold as a strategic diversification tool, the Council's report said.  End

 

Reported by Abhijit Doshi

Edited by Tanima Banerjee

 

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