Global central banks continued to accumulate gold in August 2026, reporting net purchases of 39 tonnes despite differing buying activity across countries. China led the monthly purchases, followed by Uzbekistan and Poland, as several major buyers maintained their long-term accumulation programmes. According to the World Gold Council, reported net purchases reached 170 tonnes during the first eight months of the year, reflecting continued interest in gold reserves.
China leads gold buying
The People’s Bank of China purchased 20 tonnes in August, extending its buying streak to 22 consecutive months. Its year-to-date acquisitions reached 80 tonnes, bringing total holdings to approximately 2,387 tonnes, representing 9% of China’s reserves. Poland added another 8 tonnes during the month and remained the largest buyer in 2026, with 98 tonnes purchased since January. The National Bank of Poland now holds 648 tonnes, approaching its 700-tonne target.
Uzbekistan also acquired 8 tonnes, lifting annual purchases to nearly 50 tonnes and total holdings to 439 tonnes. Gold accounts for approximately 90% of its reserves. Kazakhstan bought 7 tonnes, while the Czech National Bank added 2 tonnes, extending its buying streak to 42 months. Turkey returned to purchasing with 3 tonnes after three months of sales, although its annual net sales totalled 82 tonnes. Meanwhile, Russia sold 6 tonnes and Jordan offloaded 3 tonnes.
Gold reserves undergo changes
Beyond purchases, central banks are changing how they manage existing gold holdings to improve liquidity and trading flexibility. On September 2, De Nederlandsche Bank announced plans to transfer 86 tonnes from New York and Ottawa to London. France undertook a similar operation in 2025 to improve the tradability of its reserves.
Historical data from 2016 to 2025 suggest gold buying generally strengthens around June, September and October, although annual differences remain substantial. The World Gold Council notes that longer-term reserve objectives continue to influence purchases, while market conditions and liquidity requirements can affect monthly activity.
