World Gold Council: Central Banks Continue Gold Buying, Add Net 41 Tonnes in May Led by Poland and China

The World Gold Council (WGC) said in its latest report that central banks continued to increase their gold reserves in May 2026, recording net purchases of 41 tonnes. The figures underscore sustained official-sector demand for the precious metal despite ongoing market volatility and reinforce gold's growing role as a strategic reserve asset.

According to the report, buying activity remained concentrated among a familiar group of central banks that have driven global official gold demand in recent years, led by Poland, China, Uzbekistan, and Kazakhstan, while Russia and Turkey were net sellers during the month.

The National Bank of Poland topped the list of buyers, adding 18 tonnes of gold in May. Its cumulative purchases for the year reached 64 tonnes, maintaining its position as the world's largest central bank gold buyer in 2026. Poland's gold reserves have now risen to 614 tonnes, moving closer to its stated target of 700 tonnes.

The People's Bank of China ranked second after adding 10 tonnes in May, extending its gold-buying streak to 20 consecutive months. The purchase was its largest monthly addition since December 2024. China's net purchases have reached 25 tonnes so far this year, lifting its official gold holdings to approximately 2,331 tonnes, equivalent to about 9% of its total foreign exchange reserves.

The report also noted that the Central Bank of Uzbekistan added 9 tonnes during the month, bringing its year-to-date purchases to 33 tonnes, making it the second-largest buyer globally after Poland. Meanwhile, the National Bank of Kazakhstan increased its reserves by 7 tonnes, raising its net purchases for the year to 20 tonnes.

The Monetary Authority of Singapore (MAS) resumed gold purchases for the first time since September 2025, adding 4 tonnes and increasing its total holdings to 197 tonnes. The move comes as Singapore prepares to launch central bank gold vaulting services in October 2026 as part of its strategy to strengthen its position as a global gold trading hub.

On the selling side, the Central Bank of Russia reduced its holdings by 6 tonnes in May, bringing total sales this year to 34 tonnes and lowering its reserves to 2,292 tonnes. The Central Bank of the Republic of Turkey also sold 3 tonnes during the month, taking its cumulative sales in 2026 to 81 tonnes.

The World Gold Council emphasized that the broader trend among central banks remains firmly supportive of gold. According to the 2026 Central Bank Gold Reserves Survey, 89% of respondents expect global official gold reserves to increase over the next 12 months, while a record 45% expect their own institution to expand its gold holdings during the same period.

In another notable development, the report said the Bank of Korea has completed preparations to invest in gold-backed exchange-traded funds (ETFs) as part of its foreign reserve diversification strategy, although it has not confirmed whether any allocation has been made. The Council noted that investing in gold through ETFs remains relatively uncommon among central banks, with the vast majority continuing to acquire bullion directly through the over-the-counter (OTC) market. Only 4% of central banks surveyed reported using gold-backed ETFs as an investment vehicle.

The report also highlighted growing official-sector demand across Latin America. During 2026, the Central Bank of Chile accumulated approximately 8 tonnes of gold, followed by Guatemala with 2 tonnes, while Bolivia and Uruguay each added 1 tonne. The World Gold Council said the trend points to increasing interest in gold among Latin American central banks, although it remains too early to determine whether it will develop into a broader regional buying cycle.