Poland and China Lead Central Banks in Gold Purchases Through August 2026

Poland has acquired 97.8 tonnes of gold, boosting its total reserves to 647.98 tonnes and nearing its entire accumulation for 2025 by just 2.2 tonnes. Earlier this year, Poland entered the ranks of the top ten gold reserve holders globally, with its holdings now amounting to approximately 17.12 grams per capita—up from five small gold coins to six, valued at around $4,919 based on current prices.

China has significantly increased its gold purchases, with August alone seeing acquisitions of 20.2 tonnes, more than twenty times the volume bought in January. Overall, China has accumulated 80.2 tonnes, raising its official reserves to 2,386.55 tonnes, the fifth-largest globally, and valued at approximately $318.9 billion based on the LBMA PM price of $4,156.40 per troy ounce as of October 6.

In addition to Poland and China, several emerging-market and Central Asian countries have actively increased their gold reserves. Uzbekistan has added 48.2 tonnes despite minor reductions in the past two months. Kazakhstan has bought 36.1 tonnes, maintaining purchases in every month except January, while the Czech Republic has consistently added to its reserves, increasing its total by 14.2 tonnes to 85.76 tonnes.

Conversely, some nations have reduced their gold holdings. Turkey is the largest seller, having decreased its reserves by 81.6 tonnes through August, including a significant drop of 60.4 tonnes in March. Russia has reduced its reserves by 34.2 tonnes, and Azerbaijan’s State Oil Fund has cut holdings by 21.9 tonnes. Although Turkey purchased 2.9 tonnes in August, it remains a considerable net seller for the year.

As of now, the world's central banks collectively hold 36,888.97 tonnes of gold, roughly equivalent to 1.19 billion troy ounces.

The BestBrokers analysis comes at a time when spot gold prices are near a two-month low, hovering around $4,100 an ounce, influenced by a stronger US dollar and high US Treasury yields. This market context is significant for fintech and capital markets, as gold pricing directly impacts commodity derivatives, collateral valuations, and reserve asset models.

The ongoing trend of central bank gold buying has been recognized in recent reserve composition surveys by the IMF and the Bank for International Settlements. A continued shift away from dollar-denominated reserves to physical gold could have implications for currency risk management and banking relationships, as well as future stablecoin and CBDC designs in emerging markets.

Alan Goldberg, lead data analyst at BestBrokers, noted that while gold may behave like a financial asset, the central banks' purchasing decisions reflect a deeper desire to hold wealth in a non-printable form. This analysis covers data from January to August 2026, with the upcoming quarterly data release expected to reveal whether this accumulation trend persisted into September.