Central banks ramped up their gold reserves, purchasing an all-time high of 289 tonnes in the second quarter of 2026. The World Gold Council reported that the latest round of buying is valued at $47.38 billion, making it the largest quarterly gold accumulation on record. The increased buying activity highlights a strong trend among central banks to diversify their reserves amid shifting global economic dynamics.
Record-breaking gold purchases in 2026
The latest data reveals that central banks have accelerated their gold acquisitions, with the buying spree intensifying each quarter throughout 2026. This strategic move comes at a time when holding the US dollar as a reserve asset is losing its dominance, prompting central banks to turn to gold for greater security and diversification.
In addition to central banks, institutional funds and retail investors have become major players in gold accumulation, contributing to rising demand worldwide. The World Gold Council noted a shift away from traditional reserve assets, further increasing interest in the metal across financial markets.
“Central banks made significant gold purchases in Q2 (289t). After a notable Q1 slowdown following a downward revision to our data, buying among this cohort recovered sharply to the lofty levels that have been typical in the last four years,” the World Gold Council reported.
Poland and China among top gold buyers
Poland led all nations in gold purchasing during Q2 2026, adding 51 tonnes to its reserves. China followed closely, acquiring 33 tonnes during the same period. These purchases underscore the shifting priorities among major economies as they strengthen their financial resilience by increasing gold holdings.
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AAPLIn the first quarter of 2026, global gold accumulation had already set a high bar at 345 tonnes, despite a correction in the market that pushed gold prices down by 14% from January highs. This dip in price presented a buying opportunity for central banks, which they were quick to seize.
| Country | Gold Purchased in Q2 2026 (tonnes) |
|---|---|
| Poland | 51 |
| China | 33 |
Mini dictionary: The World Gold Council is a global research organization focused on gold market development, offering data, analysis, and industry insights to both institutional investors and governments.
Market outlook and analyst projections
After soaring more than 150% since 2022, the XAU/USD index—tracking the price of gold relative to the US dollar—experienced a 14% correction over the past six months. However, sentiment among market observers remains upbeat, with some predicting the metal could breach the $6,000 mark in the near future.
One projection stands out for its boldness. John LaForge, Chief Alternative Strategist at Ned Davis Research, estimated that gold could reach $10,000 if the US fails to stabilize its rising national debt. Although forecasts vary, this scenario has intensified discussions on gold’s long-term potential as a reserve asset.
The surge in gold purchases and forecasts indicates that central banks are proactively preparing for economic uncertainties by prioritizing tangible assets like gold in their reserve strategy.
John LaForge projects that gold prices could surpass $10,000 if the growth in US national debt is not addressed, suggesting major implications for global markets.
