Central bank gold buying has moderated in the second quarter of 2026, with preliminary estimates tracking at approximately 180 tonnes for the period — well below the 2025 quarterly average of 261 tonnes, according to IMF COFER data and national bank disclosures.
The slowdown removes a critical price support that helped push gold to its 2025 highs. Sovereign purchases of 1,045 tonnes in 2025 accounted for roughly 25% of global gold demand, making central banks the single largest institutional buyer category.
Poland's National Bank, which bought 90 tonnes in 2025, has slowed to approximately 15 tonnes in Q2. The People's Bank of China added 28 tonnes in Q2, down from 45 tonnes in Q1. Kazakhstan's central bank purchased 12 tonnes in Q2 compared to 22 tonnes in Q1.
The moderation reflects both elevated gold prices and a shift in reserve management priorities as some central banks redirect reserves to support their currencies. Turkey, a major buyer in 2023-2024, has paused purchases entirely in Q2 2026 as it rebuilds FX reserves.
For precious metals procurement, the slowdown in central bank buying removes a structural support that gold relied on during its 2025 rally. If this trend continues into H2 2026, gold could trade in a lower range of $3,800-$4,200 rather than the $4,000-$4,400 range seen in early 2026. Factor this into your annual hedging budget.