Global central banks recorded net gold sales in March 2026, marking a notable shift in official sector behavior, with total net sales reaching 30 tonnes. This came as significant disposals by some countries outweighed continued purchases by others.
According to data from the World Gold Council, Turkey led the list of sellers during the month, reducing its gold reserves by 60 tonnes as part of efforts to support foreign exchange liquidity. Russia also sold 6 tonnes during the same period.
On the other hand, several central banks continued to strengthen their gold reserves. The National Bank of Poland was the largest buyer in March, adding 11 tonnes, followed by Uzbekistan with 9 tonnes and Kazakhstan with 6 tonnes. Meanwhile, China increased its reserves by 5 tonnes, extending its buying streak to 17 consecutive months. The Czech Republic and Guatemala also recorded modest purchases of 2 tonnes each.
On a quarterly basis, data for the first quarter of 2026 shows continued strong demand from central banks. Poland remained the top buyer with total purchases of 31 tonnes since the beginning of the year, followed by Uzbekistan (25 tonnes), Kazakhstan (13 tonnes), and China (7 tonnes). In contrast, Turkey recorded the largest net sales, with its reserves declining by 79 tonnes.
Overall, central banks purchased a total of 37 tonnes of gold in March, compared to gross sales of 66 tonnes, highlighting a divergence in reserve management strategies amid global market volatility and liquidity pressures.
This trend reflects a dual approach among central banks: while some continue to accumulate gold as a long-term strategic asset, others are liquidating part of their holdings to address short-term monetary and financial challenges, reinforcing gold’s dynamic role in global reserve
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