Net central-bank purchases of gold totaled 290 tonnes in the first quarter, only marginally below the all-time Q1 high recorded in 2024. The People's Bank of China resumed reported additions for the third consecutive month, while the National Bank of Poland and the Reserve Bank of India continued steady accumulation.
This sustained official-sector demand is reshaping the structural supply-demand balance for gold and providing a price floor that did not exist a decade ago. Emerging-market reserve managers are diversifying away from US Treasuries amid concerns over fiscal trajectories and geopolitical risk.
The 2026 WGC Central Bank Gold Reserves survey shows 81% of respondents expect global gold reserves to increase over the next 12 months — the highest reading since the survey began in 2018.