Gold’s Rally: Mapping Central Banks’ Demand For The Precious Metal In 2026

Gold’s extraordinary 2026 rally has given way to a sharp correction, with prices falling from the record highs reached earlier in the year even as central banks and investors continue to accumulate the precious metal. Gold surged above $5,400 in January before retreating to around $4,100 in early October, while September alone brought a decline of more than 8%. Strong central bank demand and renewed inflows into gold-backed exchange-traded funds have nevertheless provided underlying support, keeping gold firmly in focus amid shifting interest-rate expectations, geopolitical tensions and uncertainty across global markets.

Central banks have remained an important force in the gold market, continuing to build reserves as governments reassess the role of the precious metal within their broader reserve strategies. Purchases reflect a range of priorities, from diversifying reserves and reducing exposure to currency volatility to building protection against geopolitical and economic risks. At the same time, some central banks have reduced their holdings as they rebalance reserves or respond to changing liquidity needs, showing that gold remains both a strategic reserve asset and an actively managed component of national holdings.

As of October 2026, gold remains a focal point of global financial markets despite its retreat from January’s record high. Prices have responded to changing expectations around monetary policy, movements in the U.S. dollar and shifts in investor positioning, while September’s correction demonstrated how quickly sentiment can turn even during a broader period of strong demand. In view of this, the BestBrokers team analysed the latest central bank gold holdings data from the World Gold Council to identify which countries have expanded their official reserves most significantly in 2026 and which have reduced them, providing a closer look at how sovereign reserve strategies have evolved alongside the wider gold market.

What Has Been Driving Gold’s Rally?

Gold’s performance in 2026 has been driven by a combination of strong investment demand, sustained central bank buying, geopolitical uncertainty, and shifting expectations for U.S. monetary policy. While gold prices have become more volatile in recent months, underlying demand has remained robust.

Investment demand was a major driver of the gold market in the first half of the year, although momentum became more uneven in Q2. Total gold demand reached 1,231 tonnes in Q1 and 1,269 tonnes in Q2, while the value of demand reached $193 billion and $187 billion, respectively.

Central banks have also remained a major source of demand. World Gold Council data show net purchases of 57 tonnes in Q1 and 289 tonnes in Q2, with reported buying continuing through July and August. By the end of August, reported central bank net purchases for 2026 had reached 170 tonnes year to date.

Gold-backed ETFs provided another important source of support, particularly in the second half of the year. After $8.9 billion of global outflows in June, ETFs saw a sharp rebound in August, attracting $18 billion in inflows and taking holdings to a record 4,189 tonnes. September was particularly notable: gold prices fell more than 8%, yet global gold-backed ETFs still attracted more than 70 tonnes of inflows, suggesting that investor demand remained resilient despite the correction.

Meanwhile, expectations around U.S. interest rates, Treasury yields and the dollar have continued to influence gold’s short-term direction, while geopolitical tensions, trade disputes, and concerns over government debt have reinforced its appeal as a reserve and investment asset.

Central Banks with the Largest Gold Reserves in 2026

Gold’s importance, of course, extends beyond private investors, serving as a key reserve asset held by central banks to diversify holdings, support financial stability, and strengthen confidence in national currencies. The nation holding the largest official gold reserve remains the United States, with 8,133.46 tonnes, representing 83% of its total foreign reserves. Germany and Italy follow, with 3,349.29 tonnes and 2,451.83 tonnes, respectively. Other countries with substantial holdings include France (2,437 tonnes) and China (2,386.55 tonnes). Russia, Switzerland, India, and Japan also maintain significant reserves, with Russia at 2,270.54 tonnes and Switzerland approaching 1,040 tonnes.

Following significant gold purchases – 18.2 tonnes in May and another 18.6 tonnes in June, Poland officially entered the top 10 countries with the largest gold reserves, surpassing Turkey and the Netherlands. The acquisition brought Poland’s total gold purchases in the first half of 2026 to 82.2 tonnes, highlighting its continued push to strengthen its bullion holdings. By the latest figures, Poland’s gold reserves stand at 647.98 tonnes, accounting for 30.90% of its total reserves.

It should be noted that not all nations report their gold holdings to the IMF, so actual totals may vary. Collectively, the ten largest national reserves account for 66.26% of all gold held by official institutions, while the top five countries alone hold 51%.

Nations’ Gold Reserves Per Capita

Despite some countries holding substantial total reserves, per capita gold holdings provide a different perspective, offering insight into the relative ‘gold wealth’ of large and small economies.

The United States, while maintaining the largest overall reserve, ranks only 12th in per capita terms, with 23.3 grams per citizen, equivalent to 0.75 troy ounces, or roughly seven small gold coins (each containing 0.1 troy ounces or 3.39 grams).

Switzerland, by contrast, holds the seventh-largest overall reserve, but its small population of approximately 9 million elevates it to first place in per capita holdings, with a little over 115 grams (3.7 troy ounces) per person, or the equivalent of 37 small gold coins, the highest per capita total worldwide.

Lebanon ranks second, with roughly 16 small gold coins per person, followed by Italy and Germany, each with about 13 coins per citizen, despite little change in their reserves over decades. Qatar also ranks highly, with 115.2 tonnes of gold, equivalent to around 12 coins per person, alongside Portugal (382.66 tonnes) and France (2,437 tonnes), which similarly translate to roughly 12 coins per citizen.

Other notable countries by per capita holdings include Singapore and the Netherlands, each with about 11 coins per person, while Austria follows with 10 coins. Ranking 11th is the Caribbean island of Aruba, whose 3.11 tonnes of gold for a population of just 108,000 surpasses the United States in per capita terms.

The per-capita rankings have remained broadly stable, but Poland is beginning to move up the table as its aggressive gold-buying campaign continues. Following its latest purchases, Poland’s holdings have risen from the equivalent of five small gold coins per person to six, reaching 17.12 grams per citizen.

Gold Buying Persists as Reserve Strategies Diverge

Since the start of 2026, central bank gold activity has shifted from the broad, synchronised accumulation seen in 2022-2024 towards a more fragmented, two-way flow. Net purchases remain positive, but the pace is less uniform, with continued reserve diversification increasingly offset by intermittent selling and balance-sheet adjustments, often linked to liquidity needs.

What has changed most is not the direction of flows, but their character: gold is being accumulated more selectively and managed more actively within reserves, rather than added consistently as a one-way strategic hedge. Official-sector demand therefore remains supportive, but has become less predictable and more sensitive to short-term financial and geopolitical conditions.

Poland has continued its rapid gold-buying spree, adding 20.2 tonnes in February, followed by 11.2 tonnes in March, 14 tonnes in April, 18.2 tonnes in May and 18.6 tonnes in June. A further 7.8 tonnes in both July and August brought Poland’s total gold purchases for the year to 97.8 tonnes. The latest buying extends a sustained accumulation drive that has added more than 400 tonnes to Poland’s reserves since 2023, pushing the country into the top 10 globally by official gold reserves.

China followed as the second-largest buyer, adding 80.2 tonnes in 2026. Its monthly purchases accelerated from 1.2 tonnes in January and 0.9 tonnes in February to 14.9 tonnes in June, 19.9 tonnes in July, and 20.2 tonnes in August. The continued acceleration highlights China’s long-term, systematic accumulation strategy, and the use of gold as a strategic reserve asset for diversification and resilience rather than short-term market gains.

Uzbekistan ranked third among the largest gold buyers, adding 48.2 tonnes overall. Its purchases totalled 41.37 tonnes during the first half of the year, before its holdings fell by 0.93 tonnes in July and rose by a further 7.78 tonnes in August. Kazakhstan followed with 36.1 tonnes added so far in 2026, while the Czech Republic continued its steady accumulation, increasing its holdings by 14.2 tonnes. Singapore and Chile also added to their reserves, with purchases of 9.9 tonnes and 9.5 tonnes, respectively.

On the selling side, Turkey emerged as the largest net seller, reducing its official gold holdings by 81.6 tonnes in 2026. The decline was concentrated in the first three months of the year, including a 60.4-tonne reduction in March, followed by smaller disposals in May, June and July. In August, however, Turkey returned to net buying, adding 2.9 tonnes. The overall decline marks a sharp reversal from its earlier net-buying stance and reflects the use of gold as a source of liquidity and foreign exchange, including through swap operations, during periods of heightened financial pressure.

The Central Bank of the Republic of Türkiye (CBRT) has been actively using gold reserves amid heightened pressure on the Turkish lira and financial markets. Not all of these operations have been reflected as changes in reported official gold holdings, with some announced separately as liquidity-management transactions. When these additional gold trades and reserve changes are taken into account, Turkey has reduced its gold holdings by more than 120 tonnes since January 2026.

Russia is now the second-largest seller, with 34.2 tonnes sold in 2026, including monthly reductions ranging from 6.2 to 9.3 tonnes. The changes have primarily been linked to domestic fiscal and liquidity-management needs, with gold serving as a flexible reserve asset amid a heavily constrained external financial environment. The contrast between continued accumulation by major buyers and concentrated selling elsewhere illustrates how central banks are increasingly using gold both as a long-term reserve asset and as a tool for managing immediate financial pressures.

The second quarter nevertheless brought a renewed acceleration in official-sector demand. According to the World Gold Council’s Q2 2026 Gold Demand Trends report, central banks and other institutions bought 289 tonnes during the quarter, more than five times the revised Q1 level. The increase brought first-half central bank demand to around 345 tonnes, showing that the selling seen among some reserve managers has not translated into a broader retreat from gold.

Who Does Not Own Any Gold?

Despite being one of the world’s top gold-mining nations, Canada is among the very few countries that hold no gold in their official reserves. The Bank of Canada fully sold off its bullion holdings over the past two decades and today reports 0 tonnes of gold as part of its international reserves. This decision reflects a longstanding policy view that U.S. Treasury securities and other highly liquid assets are better suited for reserve management than gold, which former deputy governor Timothy Lane once described as not fitting Canada’s ‘asset-matching framework’.

Norway is another notable example. During World War II, its central bank evacuated about 50 tonnes of gold to the United Kingdom and the United States to support the government-in-exile. After the war, parts of the hoard were returned, but in 2004, Norges Bank announced the sale of nearly all of its remaining bullion, keeping only seven bars and some coins for historical and exhibition purposes. Today, Norway officially reports 0 tonnes of gold in its reserves.

These cases stand in sharp contrast to most other advanced economies, where gold continues to represent a significant share of central bank reserves. They highlight that not all major economies consider the precious metal essential to reserve strategy, even countries with large mining industries like Canada or with historical stockpiles like Norway.

*Figures rounded
Updated: October 7, 2026

Data Source:

• World Gold Council
• London Bullion Market (LBMA), New York Stock Exchange (NYSE)
• World Population Review:
• U.S. Mint: American Eagle Coins
• International Monetary Fund

Methodology

To prepare this report, the team at BestBrokers used the most current data about official central banks’ gold reserves published by the World Gold Council. This is an international trade association for the gold industry, which collects gold holdings data from the International Monetary Fund, the Bank for International Settlements, central banks, and other sources. It should be noted, however, that certain countries are excluded from the database as they are known to have gold reserves but do not report it officially.

Another territory not included in our calculations is Curacao and Sint Maarten. The WGC has combined data for the two Caribbean nations, but they are separate constituent countries of the Kingdom of the Netherlands, which is why we did not list them jointly.

For the per-capita gold reserve ranking, we used publicly available population estimates for 2026. We had to convert the tonnes of gold to troy ounces, so all calculations were based on a conversion rate of 32,150.70 ounces for 1 tonne. For the gold coins, we looked for a small coin and used the American Eagle Gold Proof Coin, 1/10 ounce as an example. It is a one-tenth-ounce coin with a $5 face value, which is 0.650 inches (16.50 mm) in diameter. The coin contains 0.1000 gold troy ounces and weighs 0.1091 troy ounces (3.393 g). It is minted in the United States but many other countries have similar coins.
Here are a few measurements and rates we used for the calculations:

• 1 tonne of gold = 32,150.70 gold troy ounces
• 1 tonne = 1,000,000 grams
• 1 gold troy ounce = 10 coins (1/10 ounce gold coin)