Where Data Tells the Story
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Global central banks resumed aggressive net gold accumulation in Q2 2026, purchasing a record 289 metric tonnes—a 74% increase compared to Q2 2025 and over five times the revised Q1 2026 total of 57 tonnes.
The buying spree was led by the National Bank of Poland, which added 51 tonnes to bring its official reserves to 632 tonnes. The People's Bank of China followed with 33 tonnes—its largest quarterly addition since Q4 2023—raising total Chinese reserves to 2,346 tonnes. Other major net buyers included the central banks of Uzbekistan (+16t), Kazakhstan (+15t), Jordan (+6t), and the Czech Republic (+6t).
Despite rapid accumulation by emerging market central banks seeking to diversify away from foreign currency reserves, global gold stockpiles remain heavily concentrated among Western advanced economies. The United States holds the largest official reserve at 8,133 tonnes, followed by Germany (3,352t), Italy (2,452t), and France (2,437t). Russia (2,335t) and China (2,346t) closely follow as key non-Western holders.
According to the World Gold Council's 2026 Central Bank Gold Reserves Survey, central banks cite inflation protection, systemic risk mitigation, and de-dollarization strategy as primary motivations for increasing gold allocations.