World Gold Council: Central Banks Return to Gold Buying in April After March Sell-Off

The latest data from the World Gold Council (WGC) showed that central banks returned to net gold purchases in April 2026 after becoming net sellers in March, underscoring the continued importance of gold as a strategic reserve asset.

According to Marissa Salim, Senior Research Lead, APAC at the World Gold Council, central banks collectively purchased a net 17 tonnes of gold during April, marking a significant rebound from the substantial net sales recorded in March.

Poland remained the largest buyer during the month, adding 14 tonnes to its reserves. Meanwhile, China accelerated its pace of gold accumulation, purchasing a net 8 tonnes—the country's highest monthly acquisition since December 2024—and extending its current buying streak to 18 consecutive months.

The Czech Republic also maintained its steady purchasing pattern, adding approximately 3 tonnes of gold in April, marking its 38th consecutive month of reserve accumulation. In contrast, Russia continued reducing its gold holdings, selling 6 tonnes during the month and bringing its year-to-date sales to 22 tonnes.

The report noted that central banks in Eastern Europe and Asia continue to dominate official gold demand. Over the past 36 months, central banks in the two regions have collectively purchased an average of 12 tonnes and 11 tonnes per month, respectively, compared with a global average net purchase of 29 tonnes per month during the same period.

Poland's April purchases increased its year-to-date gold acquisitions to 45 tonnes, lifting total gold reserves to approximately 595 tonnes, representing around 30% of the country's total reserves.

China's latest purchases raised its official gold holdings to approximately 2,322 tonnes, accounting for nearly 9% of its total foreign exchange reserves.

Similarly, the Czech National Bank's continued buying increased its gold reserves to about 79 tonnes, representing roughly 6% of the country's total reserves.

On the selling side, the Central Bank of Uzbekistan sold one tonne of gold during April. However, the country remains one of the largest net buyers this year, with net purchases totaling 24 tonnes, second only to Poland. Gold now accounts for approximately 88% of Uzbekistan's total reserves, equivalent to around 414 tonnes.

The report also indicated that the Central Bank of the Republic of Türkiye, which was the largest seller in March, reported virtually unchanged gold reserves in April. Weekly data showed that short-term gold-for-U.S.-dollar swap agreements matured during the month, leaving only longer-term gold swap positions outstanding.

Positive Outlook for Official Gold Demand

The World Gold Council highlighted that results from its 2025 Central Bank Gold Reserves Survey continue to reflect strong confidence in gold as a reserve asset.

According to the survey, 95% of participating central banks expect global central bank gold reserves to increase over the next 12 months, compared with 81% in the 2024 survey.

In addition, 43% of respondents expect their own gold holdings to increase over the coming year, up from 29% in the previous survey.

These findings underscore the growing conviction among central banks regarding the role of gold in reserve diversification and protection against geopolitical and financial risks.

Market observers believe that continued purchases by central banks—particularly from China, Poland, and several Eastern European countries—will remain a key supportive factor for gold prices over the medium and long term, especially amid heightened global economic uncertainty and increasing efforts to diversify reserves away from U.S. dollar-denominated assets.