Central Bank Gold Reserves Surge as China and Poland Lead Global Buying

Central banks globally returned to high volumes of gold purchases, with net monthly buying reaching 63 tonnes in September. Data compiled by the BestBrokers research team using World Gold Council figures and LBMA prices as of mid-October 2026 highlights an ongoing accumulation strategy that nations have pursued since 2021 to diversify reserves against geopolitical and economic instability.

China and Poland significantly dominated these global purchases from 2021 to 2026, each increasing their reserves by more than 400 tonnes. China added 438.2 tonnes valued at approximately $58.7 billion, while Poland accumulated 419.3 tonnes worth about $56.2 billion. India ranked third with 204 tonnes valued at $27.3 billion, followed by Turkey, Uzbekistan, Brazil, Japan, Thailand, and the Czech Republic.

Several countries demonstrated major policy shifts. Poland significantly intensified its buying in 2023 and reached 97.8 tonnes in the first eight months of 2026. The Czech Republic also saw January-to-August 2026 purchases exceed its previous year's total.

Alan Goldberg, a senior analyst at BestBrokers, stated that gold serves as both a financial asset and a declaration of independence for central banks navigating public debt and shifting political alliances. It remains uncertain whether this strong buying appetite will persist as rising prices increase the cost of acquiring additional tonnes.