Central banks boost gold purchases in Q2, Russia sells

In the second quarter of 2026, central banks worldwide bought about 289 tonnes of gold, a sharp rise from the 57 tonnes purchased in the first quarter, according to the World Gold Council’s quarterly report. The strongest buyer was the National Bank of Poland, which added 51 tonnes to bring its reserves to 632 tonnes, while the People’s Bank of China increased its holdings by 33 tonnes to a total of 2,346 tonnes.

The Bank of Russia was the largest seller, disposing of 22 tonnes of gold between April and June. Germany’s Bundesbank also sold roughly one tonne, used for minting coins. Global gold demand in the quarter reached 1,269 tonnes, only a modest 1 % rise over the first three months. Meanwhile, the gold price, after peaking at $5,595 per ounce in January, has settled around $4,000 per ounce.