244 tonnes — that is how much gold central banks bought in Q1 2026, according to the World Gold Council's Gold Demand Trends report published April 29 (: WGC, Apr 29, 2026). The total represents a 3% year-over-year increase and exceeded both the prior quarter and the five-year average.
Central banks spent an estimated $37 billion on gold in Q1 2026. Poland led buying, adding 31 tonnes to reach 582 tonnes, while China added another 7 tonnes (: WGC, IMF IFS data).
Goldman Sachs revised its central bank demand nowcast sharply upward in a May 18 research note (: Goldman Sachs, May 18, 2026). The bank discovered a data gap that understated buying for eight months. March purchases were re-estimated at ~50t/month (up from 29t, +72%), and April is now ~80 tonnes. Full-year 2026 average projected at 60 t/month, or 720 tonnes annually.
The World Gold Council expects central banks to "contribute meaningfully" to global gold demand (: WGC, Q1 2026). Turkey was the largest seller, its holdings falling ~70t for liquidity management via swaps. The buying streak now extends 17 consecutive months. Sovereign buyers operate on multi-decade time horizons and are structurally less sensitive to price movements.
Central banks are not traders — they are strategic asset allocators. At 60t/month, sovereign buying absorbs ~720 tonnes of annual supply, creating a structural price floor. Factor sustained sovereign demand into any gold hedging strategy through 2027.