Central banks added a net 244 tonnes of gold to their reserves in the first quarter of 2026, the World Gold Council reported in its Q1 2026 Gold Demand Trends survey published April 29 (: WGC, Apr 29, 2026). The figure exceeded both the prior quarter and the five-year quarterly average, confirming that sovereign gold demand remains structurally elevated despite elevated prices.
Poland emerged as the largest single buyer in Q1, adding 31 tonnes to bring its total reserves to 582 tonnes (: WGC/IMF IFS data, Q1 2026). The National Bank of Poland has been one of the most aggressive gold accumulators among European central banks, viewing gold as a critical reserve diversification tool amid heightened geopolitical risk on the continent's eastern flank.
China continued its multi-year accumulation streak, with the People's Bank of China adding 7 tonnes in Q1, bringing total official gold reserves to approximately 2,313 tonnes (: WGC, April 2026). China has added more than 350 tonnes to its reserves over recent years as part of a strategic de-dollarization push, according to VisualCapitalist analysis of WGC data.
A notable development in Q1 was the emergence of new buyers. Indonesia and Malaysia both turned to net gold purchases after extended periods of absence from the market. "A phenomenon we've been seeing in the last few months is new central banks, or central banks that have been inactive or absent from the gold market for a long time, entering the gold market," said Shaokai Fan, global head of central banks at the WGC, in a recent interview. "I think that might be a trend that will continue into 2026" (: Mining.com, 2026).
The buying breadth is widening. Beyond Poland and China, the Czech Republic, Uzbekistan, Cambodia, and Serbia have all added to their gold reserves in 2026 (: WGC country data). On the selling side, Russia and Turkey were the largest net sellers — Russia under domestic economic pressure and Turkey managing liquidity via swap arrangements, with its holdings falling by approximately 70 tonnes.
The World Gold Council's full-year 2026 projection for central bank purchases stands at roughly 850 tonnes, nearly matching 2025's 863 tonnes (: WGC forecast, Jan 2026). JPMorgan projects full-year central bank buying of 755 tonnes in its base case. The WGC expects central banks to keep adding into 2026 and beyond, with 68% of central banks planning to increase gold holdings, up from 62% in 2025, according to the WGC's Central Bank Gold Reserves Survey (: WGC Survey, March 2026).
Tether Holdings also contributed to non-traditional institutional demand, purchasing more than 6 tonnes of gold in Q1 2026 for its treasury reserves, adding a crypto-sector dimension to the sovereign accumulation theme (: CapitalStreetFX, Q1 2026).
Central bank buying at 244t/quarter absorbs roughly 20% of annual mine supply of ~3,500 tonnes, creating a structural floor under gold prices. The entry of new sovereign buyers broadens the demand base at a time when Western speculative interest remains subdued. Procurement teams should view central bank demand as a persistent factor that reduces the likelihood of deep price corrections.