Gold buying demand from central banks around the world in 2026 is forecast to be lower than the previous year, although buying power has recovered strongly in the second quarter, according to a newly released report by the World Gold Council (WGC).
WGC said that the recovery momentum in the second quarter was not enough to compensate for the decline in the first quarter after the data was adjusted. Therefore, the total gold buying demand of central banks for the whole year is likely to be lower than in 2025.
However, gold buying activity accelerated significantly in the second quarter. According to the WGC, net buying volume of central banks reached 289 tons, more than 5 times higher than the 57 tons of the first quarter after adjustment and the highest level ever recorded in a second quarter.
The main driving force comes from the fact that the Bank of Poland and the People's Bank of China continue to increase gold reserves, along with the buying activities of many other central banks.
In which, the Central Bank of Poland was the largest gold buyer in the second quarter when it added 51 tons, raising the country's total gold reserves to 632 tons by the end of June.
In the opposite direction, the Central Bank of Russia was the largest net seller in the second quarter when it reduced its gold reserves by 22 tons.
WGC said that although purchasing power recovered in the second quarter, significant sales of Turkey, Russia and Azerbaijan in the first quarter still reduced the overall results of the whole year. Overall in the first 6 months of the year, net buying demand of central banks reached 345 tons, the lowest level in the same period since 2022, when it only reached 241 tons.
