Central banks add 41 tonnes of gold in May, making bullion top reserve asset

Central banks worldwide increased their official gold holdings by a net 41 tonnes in May 2026, the second‑largest monthly increase of the year. Poland led the buying spree with 18 tonnes, followed by China (10 t), Uzbekistan (9 t), Kazakhstan (7 t) and Singapore (4 t). Poland’s total purchases this year total 64 tonnes as it pursues a publicly stated target of 700 tonnes.

Russia and Turkey were the only net sellers, disposing of 6 tonnes and 3 tonnes respectively in May, bringing their year‑to‑date sales to 34 tonnes (Russia) and 81 tonnes (Turkey). Over the past four years central banks have bought an average of 1,000 tonnes of gold per year – double the pace of the previous decade – pushing global official gold reserves to their highest level since 1975 and now overtaking U.S. Treasuries as the largest reserve asset.

The World Gold Council’s 2026 Central Bank Gold Reserves Survey found that 89 % of reserve managers expect gold holdings to rise in the next 12 months, with a record 45 % planning further purchases. Key motivations cited are inflation hedging, diversification away from the dollar and protection against financial sanctions.

Separately, Chinese customs data showed imports of 163 tonnes of gold in May, but the People’s Bank of China bought only about 10 tonnes, suggesting that commercial banks and other channels are stockpiling the remainder for strategic reserve, financing and payment‑system development.