World Gold Council: Poland's Central Bank Leads H1 Gold Purchases at 82 Tons; China Extends Buying Streak to 21 Consecutive Months
Nashnova编辑部
In the first half of 2026, Poland (82 tonnes) topped global central-bank gold purchases while China extended its buying streak to 21 consecutive months, lifting reserves to 2,366 tonnes — buyers are broadly scattered across emerging markets, but sellers are almost exclusively Turkey and Russia.
Who bought the most gold in H1?
Poland's central bank led all official buyers at 82 tonnes. Uzbekistan followed at 41 tonnes, China's PBoC at 40 tonnes, and Kazakhstan at 27 tonnes.
The Czech Republic, Singapore, Chile, Jordan, and Ghana each bought 6 tonnes or more; the remaining buyers were also emerging-market central banks.
This means → gold accumulation is no longer driven by one or two players — over a dozen central banks are adding simultaneously, turning reserve diversification into a collective pattern.
What happened in June alone?
Global central banks reported net purchases of 51 tonnes in June. Poland bought 19 tonnes and China 15 tonnes, ranking first and second.
Georgia and Ghana resumed buying in June (1 tonne each), while Uzbekistan, Kazakhstan, Jordan, and the Czech Republic continued their ongoing accumulation.
In plain terms = established buyers kept going and new ones joined the queue — the line of buyers grew longer in June, not shorter.
Where do China's gold reserves stand now?
As of end-July 2026, the PBoC holds 2,366 tonnes of gold, up roughly 20 tonnes month-on-month.
China has now added gold for 21 straight months, purchasing 40 tonnes in H1.
This means → this is not a tactical trade but a strategic build-up running nearly two years — steady pace, clear direction.
Who is selling — and why does it matter?
Turkey was the largest net seller in H1 at 83 tonnes, but the bulk came in Q1; Q2 sales dropped to just 4 tonnes, and its swap positions — short-term financing arrangements backed by gold — shrank at end-June.
Russia sold a net 44 tonnes year-to-date.
This reflects a striking asymmetry: buyers are widely dispersed, sellers are concentrated — many countries are accumulating, but only two are consistently reducing holdings.
What to watch in H2?
Turkey's selling slowed sharply to 4 tonnes in Q2. If that trend holds, sell-side pressure narrows further.
Whether emerging-market central banks sustain their buying pace is the key variable for how global reserve composition evolves in H2.
In plain terms = the sellers may be running out of gold to sell while the buyers are still lining up — the supply-demand balance is tilting toward the buy side.
Content is for reference only, not financial advice.