Overview
- Global central banks logged net gold purchases of 23 tonnes in July, extending a multi-month run that brought year-to-date official accumulation to about 132 tonnes.
- Poland led 2026 buying with 90 tonnes so far and added 8 tonnes in July, while the People’s Bank of China accelerated purchases with 20 tonnes in July and has bought gold monthly for 21 consecutive months.
- Russia was the main net seller in July with reported sales of 6 tonnes and has reduced reserves this year, according to central-bank and World Gold Council data.
- Several operational moves changed reserve rankings and access: Mexico entered the global top 20 with about 120 tonnes by end-Q2, the Bank of Korea allocated roughly $250 million to a gold-backed ETF, and Venezuela formally asked the Bank of England to repatriate around $4 billion of blocked gold.
- Analysts link the surge in official buying to a deliberate strategy to diversify away from U.S. Treasuries and the dollar, a shift the ECB signalled in June when it said gold overtook U.S. Treasuries as a principal reserve asset and observers expect the change to be gradual rather than abrupt.