Central banks keep buying gold

Central banks kept adding gold through February, stretching a net-buying run to 23 straight months. (gold.org) The World Gold Council said central banks bought a net 27 tonnes in February after a weaker January, taking 2026 purchases to 31 tonnes by Feb. 28. Poland accounted for 20 tonnes of the February total, lifting its holdings to 570 tonnes, or 31% of its reserves. (gold.org) Other February buyers included Uzbekistan and Kazakhstan at 8 tonnes each, plus the Czech Republic, Malaysia, China and Cambodia. Turkey sold 8 tonnes and Russia sold 6 tonnes in the same month. (gold.org) Gold is one of the assets central banks keep in reserve alongside foreign currencies and government bonds. The World Gold Council says central banks hold about one-fifth of all gold mined through history because they value its safety, liquidity and return characteristics. (gold.org) That buying has stayed unusually strong even after bullion hit repeated record highs. The World Gold Council said central banks bought 863 tonnes in 2025, near the top of its forecast range and still historically elevated, though below the 1,000-tonne pace seen in 2022 through 2024. (gold.org) Poland has become one of the clearest examples of the trend. The World Gold Council said Governor Adam Glapiński has set a 700-tonne target, and the National Bank of Poland reported new reserve-asset data for March on April 7, 2026, after the February buying surge. (gold.org) (nbp.pl) China is still buying too. Reuters reported on April 7 that the People’s Bank of China raised its gold holdings to 74.38 million fine troy ounces in March from 74.22 million in February, extending its run to 17 straight months. (marketscreener.com) The pattern points to reserve managers treating gold less as a trade and more as insurance. Two months into 2026, the official sector is still buying even with prices volatile and some central banks taking profits on the other side of the market. (gold.org)