Global central banks added 34 tonnes of gold to their reserves in May, according to preliminary IMF data. This is down from 46 tonnes in April and below the 2025 monthly average of 52 tonnes. Total official-sector holdings now stand at 37,486 tonnes.
The People's Bank of China (PBOC) added only 2 tonnes in May, its smallest purchase since November 2024. China now holds 2,368 tonnes of gold, or 6.2% of total reserves, up from 4.8% a year ago. The slower pace suggests the PBOC is approaching its reserve allocation target.
Other buyers remain active. Poland added 8 tonnes, the Czech Republic bought 4 tonnes, and the National Bank of Hungary added 3 tonnes. Qatar, Kazakhstan, and India also reported modest additions. No major central banks sold gold in May.
The slower buying cadence removes a near-term price floor. In Q1 2025, central bank purchases averaged 60 tonnes per month, and gold traded above $4,500. The current run rate of 34 tonnes per month suggests less official-sector support for prices in H2 2026.
Slower central bank buying reduces the structural support that has underpinned gold since 2022. Buyers should factor a 10-15% lower central bank demand run rate into their 2026 procurement models. The trend is still positive, just less bullish.