Central Banks Add More Than 4,300 Tonnes of Gold Since 2022

Marsad Al Dahab revealed that central banks worldwide continue to strengthen their gold reserves in 2026, extending a historic buying trend that began four years ago and has reshaped global demand for the precious metal, making official monetary institutions one of the primary drivers of gold prices in international markets.

According to data from the World Gold Council, central banks added approximately 4,335 tonnes of gold to their official reserves between the beginning of 2022 and the end of April 2026. This represents one of the largest accumulation waves witnessed by the precious metal in decades, equivalent to more than a full year of global mine production.

The trend began forcefully in 2022 when central banks recorded net gold purchases of 1,080 tonnes, the highest annual level ever recorded since modern data collection began. This historic surge followed the outbreak of the Russia-Ukraine war, escalating geopolitical tensions, and global inflation reaching levels not seen in decades.

The buying wave that started in 2022 represents a historic turning point in the way central banks view gold. Geopolitical and economic developments prompted many countries to reassess the composition of their foreign reserves and increase holdings of assets perceived as safer and more independent.

Central banks continued to expand their gold holdings in 2023, adding another 1,051 tonnes, marking the second-highest pace of purchases in modern history. The decline from the record 2022 level was marginal, at less than 3%, confirming that the surge was not a temporary reaction to global events but the beginning of a long-term shift in reserve management policies.

In 2024, purchases rose again to approximately 1,093 tonnes, an increase of about 4% compared with 2023 and the second-highest annual total ever recorded after the 2022 record. This reflected the continued conviction among policymakers that gold remains a strategic reserve asset amid growing economic and geopolitical uncertainty.

The fact that central bank purchases exceeded 1,000 tonnes annually for three consecutive years represents an unprecedented indication of the changing global perception of gold. Official demand is no longer tied solely to temporary events or short-term market movements but has become part of a long-term strategy for reserve management.

Although purchases slowed somewhat in 2025 to around 850 tonnes, down roughly 22% from 2024 levels, they remained well above historical averages seen over the previous two decades, confirming that official demand for gold has stabilized at significantly higher levels than before 2022.

At the beginning of 2026, central banks maintained the same direction, adding approximately 244 tonnes during the first quarter alone. Purchases continued in April, bringing reported acquisitions since the start of the year to nearly 261 tonnes, highlighting the resilience of official demand despite gold reaching record-high prices in recent years.

A historical comparison underscores the magnitude of the transformation in global reserve policies. Central bank purchases totaled only 79 tonnes in 2010 before rising to 481 tonnes in 2011. From 2012 to 2021, annual purchases ranged between 255 and 656 tonnes, averaging roughly 500 tonnes per year, before the current historic buying wave began in 2022.

These figures indicate that central banks purchased more than 4,070 tonnes of gold between 2022 and 2025 alone, nearly equivalent to the total purchases accumulated during the previous eight years combined, reflecting the scale of the transformation in global reserve management strategies.

This shift reflects a fundamental change in how central banks view gold. For decades, the U.S. dollar and U.S. Treasury securities served as the cornerstone of international reserves. However, many countries have increasingly sought alternative assets that are more independent and less exposed to political and financial risks.

The Russia-Ukraine conflict and the extensive Western sanctions imposed on Moscow marked a key turning point. Many countries realized that foreign-currency-denominated reserves could become vulnerable to freezing or political restrictions during times of crisis, bringing gold back to the forefront as a sovereign reserve asset that does not depend on the liabilities of any government or financial institution.

Persistently high global inflation has also enhanced gold’s appeal, as central banks increasingly view it as one of the most effective tools for preserving the purchasing power of reserves over the long term, particularly amid rising global debt levels and concerns about fiscal sustainability in major economies.

China has been among the most significant buyers in recent years. The People’s Bank of China has increased its gold holdings consistently for 19 consecutive months as part of a strategy aimed at diversifying reserves and reducing relative dependence on the U.S. dollar.

Emerging economies have led much of the current buying wave, with China, Poland, India, and Türkiye ranking among the largest purchasers globally as part of policies designed to diversify reserves and strengthen monetary independence in the face of global economic and geopolitical volatility.

Analysts believe that the true significance of central bank purchases lies not only in their volume but also in their long-term nature. Unlike investors and investment funds that may enter and exit the market based on short-term price movements, central banks tend to hold gold for many years, creating stable and sustainable demand that supports the market and reduces the impact of short-term selling pressure.

Historically, central banks were not always net buyers of gold. Following the collapse of the Bretton Woods system in 1971 and the end of the dollar’s convertibility into gold, the metal’s role within official reserves diminished. However, central banks gradually returned to net purchases after the 2008 global financial crisis, with accumulation accelerating dramatically from 2022 onward.

The continuation of central bank purchases at these elevated levels provides a stable foundation of demand for the global gold market and helps explain the metal’s ability to maintain high price levels despite monetary tightening cycles and rising interest rates in recent years.

Marsad Al Dahab believes that central bank purchases have become one of the most important structural drivers supporting global gold prices in recent years. The addition of more than 4,300 tonnes to official reserves since 2022 reflects a profound strategic shift in international reserve management rather than a temporary response to short-term events.

These purchases also indicate the growing role of gold as a global monetary asset amid geopolitical risks, rising debt burdens, and declining confidence in certain traditional sovereign assets, reinforcing the likelihood that official demand will remain one of the most important long-term sources of support for gold prices.

It is notable that average central bank purchases before 2022 hovered around 500 tonnes annually, while they surged to more than 1,000 tonnes per year for three consecutive years thereafter, highlighting a fundamental change in the global perception of gold and its place within the international monetary system.

As a result, gold is no longer merely a safe-haven asset for investors and individuals. It has once again assumed a central role in national financial and monetary security strategies, echoing the historic position the precious metal occupied within the global monetary system for decades.