Central Banks’ Gold Purchases Rebound in February Despite Slower Pace in 2026

Central banks’ gold purchases rebounded in February 2026 after a notable slowdown in January, signaling that gold remains a strategic asset in global reserves despite rising international gold prices.

Data from the World Gold Council show that central banks bought a net 19 tonnes of gold in February, up from January but still below the 2025 monthly average of 26 tonnes. In the first two months of 2026, total purchases reached 25 tonnes, compared with 50 tonnes during the same period last year, indicating a slower pace of accumulation.

Poland Leads Global Purchases

Poland topped the list of buyers in February, with the National Bank of Poland adding 20 tonnes, the largest purchase since February 2025. This raised Poland’s gold reserves to 570 tonnes, accounting for 31% of total reserves, with a target of 700 tonnes. The move underscores Poland’s continued reliance on gold amid global economic and geopolitical shifts.

Continued Buying by China, Uzbekistan, and Czech Republic

Several central banks maintained steady purchases:

China for the 16th consecutive month.

Czech Republic for the 36th consecutive month.

Uzbekistan for the fifth consecutive month, raising reserves to a significant portion of total holdings.

Malaysia added another 2 tonnes in February, continuing its accumulation strategy.

Turkey Uses Gold for Liquidity

Conversely, Turkey and Russia recorded the largest declines, with Turkey’s reserves down 8 tonnes and Russia’s down 6 tonnes. Estimates indicate that Turkey used about 50 tonnes of gold in March for liquidity operations and currency swap transactions, with the gold expected to return to reserves after maturity.

African Central Banks Turn to Gold

A growing trend in Africa sees central banks increasing gold purchases. Uganda launched a domestic gold-buying program to strengthen reserves and reduce international financial risks, while Kenya has indicated similar intentions, signaling a strategic shift among African reserve managers.

Gold Remains a Strategic Reserve Asset

Overall, February’s data confirm that central banks remain committed to increasing gold reserves, despite slower accumulation compared with last year. Price sensitivity has grown, but the strategic role of gold as a hedge and reserve-diversification tool remains unchanged. Analysts expect demand to continue in 2026, particularly from emerging markets, amid global economic risks, rising debt levels, and geopolitical tensions, ensuring gold remains a cornerstone of central bank reserves.