Central banks buy 321 tonnes of gold in strongest quarter since 2024

Central banks and other official institutions bought an estimated 321 tonnes of gold in the third quarter of 2026, marking their strongest quarterly buying since the final quarter of 2024, according to the World Gold Council.

The estimated purchases between July and September were up 8% from 296 tonnes in the second quarter and 42% higher than the 226 tonnes recorded in the same period last year. The total was also well above the five-year quarterly average of 227 tonnes.

The latest figures take central bank gold purchases for the first nine months of 2026 to 675 tonnes, 6% higher than the same period in 2025.

China and Poland were the largest disclosed buyers during the quarter. The People’s Bank of China added 63 tonnes, while the National Bank of Poland increased its gold reserves by 40 tonnes. Kazakhstan and Uzbekistan each reported purchases of 14 tonnes.

However, the World Gold Council’s estimated global figure is considerably higher than the purchases publicly reported by individual institutions. Reported net buying amounted to 120 tonnes in the third quarter, with unreported activity accounting for an estimated 63% of total demand. The Council said this reflects purchases not captured in official statistics because of reporting delays or non-disclosure.

The Council said the increase in buying during the second and third quarters coincided with a moderation in gold prices from their first-quarter highs. However, prices remained historically elevated, and it identified longer-term reserve diversification and risk management as the main reasons behind central banks’ continued interest in gold.

The buying trend comes amid mixed conditions in the wider gold market. Reuters reported that global investment demand fell 14% year-on-year in the third quarter, while demand for bars and coins dropped 19%. Gold jewellery consumption also declined 17%, reflecting the impact of high prices on consumer demand.

Central banks, meanwhile, have continued adding gold to their reserves as governments seek to diversify their holdings. The World Gold Council expects official-sector purchases in 2026 to at least match the 848 tonnes bought in 2025.

The figures suggest that central bank demand remains an important source of support for the gold market, even as consumer and retail investment demand face pressure from elevated prices.