Which central banks are buying the most gold in 2026?
Central bank gold demand has been one of the defining stories of the gold market since 2022. After central banks collectively purchased more than 1,200 tonnes in 2025 — the highest level in decades — the question for 2026 is whether that pace can continue. Early data suggests it can, though the demand base is shifting in ways that matter for how the story develops.
The World Gold Council's March 2026 survey of central banks found that 68% plan to increase their gold holdings this year, up from 62% in 2025. That is not a marginal shift: it represents the broadest stated intention to accumulate gold that the WGC has recorded. Understanding who is buying, why they are buying, and how their demand is structured is essential context for reading gold price moves in 2026.
Poland, China, and Kazakhstan are among the most active buyers in early 2026
Poland has become one of the standout gold buyers globally. The National Bank of Poland added 20 tonnes in February 2026 alone, bringing its total reserves to 570 tonnes. Poland has publicly stated a target of 700 tonnes, meaning further purchases are expected. The bank has also stated a goal of raising gold to approximately 20% of its total reserve portfolio, a level that requires sustained accumulation from the current position.
Poland added more than 80 tonnes in 2025, making it one of the largest purchasers in the world in that year. The motivation is explicit: the bank wants gold as a crisis hedge and as an asset with no counterparty risk — a description that resonates with many central banks in the current geopolitical environment.
China and Kazakhstan have continued their multi-year accumulation programmes. Both are long-standing buyers with domestic mining production that partially funds their reserves. China's gold reserve disclosures are periodic and often understated relative to actual holdings, which means the true pace of Chinese accumulation is difficult to estimate precisely. Kazakhstan has been consistent and transparent in its reporting.
Indonesia, Malaysia, and Southeast Asian central banks are entering the market
One of the most significant developments in 2026 is the broadening of the buyer base. Indonesia and Malaysia, which had been absent from the gold market for extended periods, have returned as net buyers. This reflects a regional trend toward reserve diversification that mirrors the pattern seen among Eastern European and Middle Eastern central banks in earlier years.
New entrants from African central banks have also been noted by the WGC. These buyers tend to operate on longer timescales and smaller volumes, but their participation signals that the case for gold as a reserve asset — insulated from Western financial system risk and immune to sanctions — has become compelling across a much wider range of sovereign institutions than was true five years ago.
Four reasons drive the multi-year accumulation trend
No counterparty risk
Physical gold held in a central bank's own vaults carries no credit risk and cannot be frozen or seized by a foreign government. After the freezing of Russian central bank reserves in 2022, this property became significantly more valued by emerging market institutions with large US dollar holdings.
Reserve diversification
Many emerging market central banks carry large US dollar reserve concentrations. The strategic case for diversifying into gold — an asset not denominated in any single currency and not subject to monetary policy risk — has strengthened as dollar dominance has come under debate.
Crisis performance
Gold's performance during the 2020 pandemic shock, the 2022 inflation surge, and the 2025-2026 geopolitical escalation has repeatedly demonstrated its value as a portfolio stabiliser during stress events. Central banks that held gold through these periods saw meaningful benefits relative to pure fiat reserve portfolios.
Inflation insurance
Persistently above-target inflation in many economies has made gold's role as a long-run inflation hedge more relevant for reserve managers. A reserve asset that maintains purchasing power across decades matters more when the real value of fiat holdings is being eroded.
WGC forecasts approximately 850 tonnes of central bank purchases in 2026
The World Gold Council's baseline forecast for 2026 central bank purchases is approximately 850 tonnes — slightly below the 2025 peak of 1,200 tonnes but still well above the pre-2022 average of 400 to 500 tonnes annually. The step lower from the 2025 record reflects some moderation as the initial post-sanctions accumulation impulse has been partially satisfied by the large buyers, and as smaller buyers work through their own portfolio planning cycles.
Even at 850 tonnes, official sector demand would represent a significant structural support for gold prices. Unlike ETF flows or speculative positioning, central bank buying does not reverse quickly on short-term price moves. Central banks are not deterred by a 10% or 15% correction. They buy on strategic timelines measured in years, which means their demand acts as a persistent floor rather than a momentum signal.
Structural central bank demand sets a floor — it does not set a ceiling
The central bank buying story is powerful as a floor for gold prices but is not, on its own, sufficient to drive gold significantly higher. The upside catalysts remain real yield movements and ETF flows from Western investors. Central bank buying absorbs supply and reduces the volume available to other buyers, but the price is set at the margin by the broader investor market.
In periods when ETF investors are selling — as happened during the April 2026 correction driven by Treasury yield pressures — central bank buying can slow the decline but may not reverse it immediately. When ETF flows and central bank buying both point in the same direction, gold moves more decisively. That alignment was evident during the 2025 rally and would need to reassert itself for the major bank year-end targets to be reached.