Central bank buying rebounded sharply in the second quarter, led by Poland and China, even as first-half official-sector demand fell to its lowest level since 2022.
Global gold demand was flat year over year at 1,269 tons in the second quarter of 2026 as prices retreated from record highs reached at the start of the year, the World Gold Council said in its Global Gold Demand Trends report. Within that total, central bank demand rebounded sharply in Q2, with net purchases rising to 288.9 tonnes, up 62% from 177.9 tonnes a year earlier and well above revised Q1 net accumulation of 57 tonnes. The recovery was driven mainly by stronger buying from the National Bank of Poland and the People’s Bank of China, alongside slower selling from Turkey and Russia. Even so, first-half central bank demand totaled 345 tonnes, the lowest since 2022, reflecting heavy sales earlier in the year by Turkey, Russia and Azerbaijan. Poland was the largest buyer in Q2 with 51 tonnes, taking its first-half purchases to 82 tonnes, while China recorded its biggest quarterly increase since Q4 2023, lifting reported reserves to 2,346 tonnes. The WGC also said undeclared gold purchases remained elevated, and its Central Bank Gold Reserves Survey showed 89% of central bankers expect gold reserves to increase over the next 12 months.