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Informist, Thursday, Sept. 3, 2026

MUMBAI - Global central banks continued gold buying in July, with their aggregate net buying at 23 tonnes, the World Gold Council said in a report Thursday. Central banks of emerging market countries also continued to accumulate gold. China, with 20 tonnes, and Poland, with 8 tonnes, topped the chart during the month, the report by Marissa Salim, senior research lead, APAC of the council, said.

"Notably, activity from the People's Bank of China (PBoC) has picked up pace in recent months, with double-digit monthly purchases of gold since May 2026," the report said. July was the 21st consecutive month of gold buying by the People's Bank of China. On other hand, Russia was the top net seller in July, posting sales of 6 tonnes. Turkey, Jordan, and Uzbekistan sold 1 tonne of gold each during the month.

In 2026 so far, central banks accumulated 130 tonnes of the yellow metal, down from about 160 tonnes over the same period last year, the council said.

China has added 60 tonnes to its gold reserves in 2026 so far, whereas Poland has accumulated 90 tonnes. China's official gold reserves now stand at 2,366 tonnes, accounting for 8% of total reserves. It is the sixth largest reported gold holder globally, the report said.

The Central Bank of Uzbekistan purchased 40 tonnes of gold so far in 2026. The central bank's governor Timur Ishmetov recently said, according to the report, that while "gold has turned out to be the best investment so far", the central bank is looking at potential sales of gold at "favourable prices" as part of its overall reserve management plan. Uzbekistan's gold reserve now stands at 431 tonnes, equivalent to 87% of total reserves.

The Czech National Bank also bought 2 tonnes of gold in July--its 41st consecutive month of net buying. It has bought 12 tonnes of gold in 2026 to date, bringing its gold holdings to 84 tonnes.

The National Bank of Kazakhstan, Bank Negara Malaysia, and the Central Bank of Bolivia each bought 1 tonne of gold in July. On a year-to-date basis, the National Bank of Kazakhstan accumulated 29 tonnes of gold and was one of the top five gold accumulators globally, the WGC report said.

The Central Bank of Russia sold 50 tonnes of gold so far in the current year, lowering its total gold holdings to 2,277 tonnes.

A noteworthy development during the month was the Venezuelan government's request for repatriation of its gold reserves worth $4 billion from the Bank of England. The move comes about as Venezuela looks to rebuild infrastructure post the 2026 earthquake. "Since 2018, Venezuela has been blocked from accessing its gold reserves as the UK government declined to recognise the country's socialist government," the report said. End

Reported by Abhijit Doshi

Edited by Himanshi Gupta

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