September central bank Gold buying hit highest monthly total of the year

Central bank gold buying reached its highest level of the year in September, pushing third-quarter purchases well above the five-year quarterly average.

Central banks globally increased their gold reserves by 321.2 tonnes in the third quarter. That was a 42 percent year-on-year increase.

Reported central bank gold buying totaled 120 tonnes in Q3. The World Gold Council estimated additional unreported central bank purchases totaled 201 tonnes.

“Unreported activity accounted for around 63 percent of the quarter’s demand, continuing the pattern evident since 2022. This means that disclosed country-level purchases provide only a partial picture of the underlying sources of demand.”

Reported increases to central bank gold reserves totaled 228 tonnes through the first three quarters of 2026. When factoring in unreported buying, the total rises to 675 tonnes, a 7 percent increase over the same period last year.

Central bank Gold accumulation accelerated in September

Central banks globally increased their gold reserves by a net 61 tonnes in September.

The Polish central bank ranks as the top gold buyer so far this year, and it expanded its reserves by another 25 tonnes in September. So far this year, the National Bank of Poland has increased its gold reserves by 123 tonnes. It now holds 673 tonnes of the yellow metal.

In a statement late last year, the National Bank of Poland announced plans to buy up to 150 more tonnes of gold, raising its holdings to a maximum of 700 tonnes.

NBP Governor Adam Glapiński said the expanded gold reserves would elevate Poland to an “elite” status.

“This will place Poland among the elite 10 countries with the largest gold reserves in the world.”

The Polish central bank already holds more gold than the European Central Bank. To put the country's gold reserves in context, the NBP only held 14 tonnes of gold in 1996.

The pace of Chinese central bank gold buying continued to accelerate in September. The People's Bank of China reported purchases totaling 23 tonnes.

It was the 23rd straight month of reported gold buying, raising official Chinese reserves to 2,410 tonnes. That makes up roughly 9 percent of the country’s official total reserves.

Year-to-date, the People’s Bank of China has reported 80 additional tonnes added to its gold holdings.

Notice the emphasis on “reported” and "official."

China is among the central banks likely holding significantly more gold than publicly disclosed and likely accounted for some of the unreported buying detected by the World Gold Council.

As Jan Nieuwenhuijs reported, the People's Bank of China is secretly buying large amounts of gold off the books. According to data parsed by the renowned Money Metals researcher, the Chinese central bank currently sits on more than 5,000 tonnes of monetary gold in Beijing – more than TWICE what Chinese officials publicly admit.

The mainstream is finally taking notice. Goldman Sachs picked up on China’s undisclosed purchases earlier this summer, and BMO Capital analysts estimated that Chinese gold reserves could surpass the U.S.’s within five years.

After selling one tonne of gold in July, Uzbekistan pivoted back to buying in August, adding 8 tonnes to its reserves. It followed up in September with an additional 7-tonne purchase. So far this year, the Uzbek central bank has increased its gold holdings by a net 57 tonnes.

The Uzbek central bank holds about 90 percent of its reserves in gold.

It is not unusual for central banks that buy from domestic sources, such as Uzbekistan and Kazakhstan, to pivot back and forth between buying and selling.

Speaking of Kazakhstan, its central bank reported a 5-tonne increase in its gold reserves in September. It has expanded its gold holdings by just under 44 tonnes this year.

The Czech Republic has been one of the most consistent gold buyers over the last few years. The trend continued in September with yet another 2-tonne purchase.

The Czechs have adopted a slow, steady approach, buying gold for 43 straight months. The country added 20 tonnes to its reserves last year and now holds 88 tonnes of gold. Czech officials say they plan to increase gold reserves to 100 tonnes by 2028. 

Jordan (4 tonnes) and Bolivia (1 tonne) also reported gold purchases in September.

Russia was the only notable seller in August, shrinking its gold reserves by another 6 tonnes.  Russia has sold 72 tonnes of gold year-to-date, leaving its official gold reserves at 2,265 tonnes.

Russia is tapping its gold reserves to cope with economic sanctions and a wartime economy.

The big picture

Looking at the trends, central bank gold buying moderated in 2025 but remained far above the recent historical average. Official net full-year buying came in at 863.3 tonnes. That was down 21 percent year-on-year, charting the lowest level since 2021.

However, although central bank gold purchases declined last year, they remained well above the 2010-2021 annual average of 473 tonnes.

Last year was the fourth-largest expansion of central bank gold reserves on record. The all-time high was set in 2022 (1,136 tonnes). It was the highest level of net purchases on record, dating to 1950, including since the suspension of dollar convertibility into gold in 1971.

The surging gold price likely tempered central bank gold accumulation earlier this year. As the World Gold Council put it, the higher price prompted “a more cautious approach.”

The WGC noted that buying picked up as the price dipped in the second and third quarters.

“Although this moderation may have supported purchases at the margin, prices remained historically elevated, suggesting that longer-term strategic considerations, such as diversification and risk management, have remained the primary driver of demand.”

In the latest World Gold Council survey, central bankers overwhelmingly said they expect global gold reserves will continue growing over the next 12 months. They seem to be putting their money where their mouths are. With prices moderating, it appears that several central banks are taking advantage of the recent correction to accumulate gold more quickly.

The World Gold Council said central bank gold activity “suggests that central bank activity continues to reflect longer-term reserve objectives, while monthly fluctuations are more likely to capture differences in implementation, market conditions and country-specific liquidity requirements.”