Central Bank Gold Buying: Global central banks significantly increased their gold purchases in May 2026, reinforcing gold’s role as a strategic reserve asset despite recent price volatility. According to the latest World Gold Council (WGC) data, central banks collectively added a net 41 tonnes of gold during the month, marking the second-highest monthly purchase of 2026. Poland and China led the buying spree, while most monetary authorities continued strengthening their bullion reserves amid ongoing geopolitical and economic uncertainty.
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Central Banks Return to Aggressive Gold Buying
The World Gold Council reported that official gold reserves increased by 41 tonnes in May, highlighting a renewed wave of sovereign demand after a relatively slower period. The buying activity remained concentrated among countries that have consistently expanded their bullion holdings over the past two years.
The latest figures reaffirm that central banks continue to view gold as a critical component of reserve diversification, inflation protection and long-term financial stability.
Poland Emerges as the Largest Gold Buyer
Poland remained the world’s biggest sovereign gold buyer in May by purchasing 18 tonnes of gold.
With this addition, Poland has accumulated 64 tonnes of gold so far in 2026 and now holds approximately 614 tonnes in its official reserves. The country is steadily moving toward its long-term target of 700 tonnes of gold.
May also marked Poland’s fourth consecutive month of double-digit gold purchases, underscoring its ongoing reserve expansion strategy.
China Extends Historic Gold Buying Streak
China continued its long-running gold accumulation programme by adding 10 tonnes to its reserves during May.
This was China’s largest monthly purchase since December 2024 and represented its 20th consecutive month of net gold buying.
So far in 2026, China has purchased 25 tonnes of gold, taking its official holdings to approximately 2,331 tonnes, representing around 9% of the country’s total foreign exchange reserves.
Uzbekistan, Kazakhstan and Singapore Also Increase Holdings
Several other central banks also expanded their gold reserves during the month.
- Uzbekistan purchased 9 tonnes, taking its total purchases in 2026 to 33 tonnes, making it the second-largest buyer after Poland.
- Kazakhstan added 7 tonnes, increasing its year-to-date purchases to 20 tonnes.
- Singapore bought 4 tonnes, marking its first monthly gold purchase since September 2025. The country’s total gold reserves have now increased to 197 tonnes.
Singapore is also preparing to launch central bank gold vaulting services later in 2026 as part of its strategy to strengthen its position as a regional gold trading hub.
Russia and Turkey Continue Selling Gold
While most central banks increased their reserves, a few countries continued reducing their holdings.
- Russia sold 6 tonnes of gold during May, bringing its total sales in 2026 to 34 tonnes.
- Turkey reduced its reserves by 3 tonnes, with cumulative sales reaching 81 tonnes this year.
These remain exceptions to the broader global trend of continued sovereign gold accumulation.
Most Central Banks Expect Gold Reserves to Rise Further
The World Gold Council’s 2026 Central Bank Gold Reserves Survey indicates that confidence in gold remains exceptionally strong among monetary authorities.
According to the survey:
- 89% of central banks expect global official gold reserves to increase over the next 12 months.
- A record 45% believe their own institutions will increase gold holdings during the coming year.
The findings suggest that gold continues to be viewed as a strategic reserve asset despite fluctuations in international prices.
South Korea Eyes Gold ETFs for Reserve Diversification
South Korea’s central bank has reportedly completed preparations to invest in gold-backed Exchange Traded Funds (ETFs) as part of its reserve diversification strategy.
Unlike physical bullion, gold ETFs offer greater liquidity and lower storage costs. Although central banks traditionally prefer physical gold, the move reflects growing interest in alternative methods of gaining exposure to the precious metal.
Currently, South Korea holds around 104 tonnes of gold, accounting for roughly 3% of its total reserves.
Latin American Central Banks Join the Trend
The World Gold Council also identified fresh buying activity among several Latin American central banks during 2026.
- Chile has accumulated around 8 tonnes of gold this year.
- Guatemala has added 2 tonnes.
- Bolivia and Uruguay have each increased reserves by 1 tonne.
Although these purchases remain relatively modest, they indicate that gold accumulation is gradually expanding beyond traditional buyers.
FAQ’s
1. How much gold did global central banks purchase in May 2026?
According to the World Gold Council (WGC), global central banks added a net 41 tonnes of gold to their official reserves in May 2026. It was the second-highest monthly gold purchase of the year, highlighting continued sovereign demand for bullion.
2. Which countries were the biggest gold buyers in May 2026?
Poland was the largest buyer with 18 tonnes, followed by China (10 tonnes), Uzbekistan (9 tonnes), Kazakhstan (7 tonnes), and Singapore (4 tonnes). These purchases reflect ongoing efforts to strengthen national reserve portfolios.
3. Why are central banks continuing to increase their gold reserves?
Central banks are buying more gold to diversify foreign exchange reserves, hedge against inflation, reduce reliance on major currencies, and improve financial stability amid geopolitical tensions and global economic uncertainty.
4. Which central banks reduced their gold holdings in May 2026?
While most countries increased their reserves, Russia sold 6 tonnes of gold and Turkey sold 3 tonnes during May 2026. These sales were exceptions to the broader global trend of rising sovereign gold accumulation.
5. What does the World Gold Council’s latest survey reveal about future gold demand from central banks?
The WGC’s 2026 Central Bank Gold Reserves Survey found that 89% of central banks expect global official gold reserves to increase over the next 12 months, while a record 45% plan to expand their own gold holdings, indicating strong long-term confidence in gold as a reserve asset.
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