Precious Metals
Central Banks Have Been Net Gold Buyers Since 2010, After Two Decades of Net Selling
NET BUYING SINCE 2010 NOW EXCEEDS THE NET SELLING OF 1983 TO 2009
October 5, 2026
1 min
Precious Metals
The following content is sponsored by Galiano Gold
Key takeaways
A Third of the Buying in Three Years: Purchases from 2022 to 2024 equal a third of all net buying since 2010, per World Gold Council data.
1,695 Tonnes From Two Sellers: The UK and Switzerland sold that much gold between 1999 and 2005, during two decades of net selling.
Poland Targets 700 Tonnes: Poland was the largest central bank buyer in the first half of 2026, and its governor has set a 700-tonne goal.
Central banks bought more gold between April and June 2026 than in any second quarter on record, according to a World Gold Council report published on July 30. That keeps them net buyers this year, as they have been every year since 2010.
Before that run began, central banks had been net sellers of gold for two decades. Some of the largest sales were deliberate decisions by governments that wanted less of their reserves in gold.
Why Central Banks Sold for Two Decades
Much of the selling was a deliberate policy choice. The UK sold about 395 tonnes between 1999 and 2002 and moved the money into currencies, saying gold "is less liquid and the price of gold is more volatile." Switzerland sold 1,300 tonnes, finishing in 2005.
The selling also had limits. From 1999, a group of central banks agreed to cap their combined sales at about 400 tonnes a year. By the late 2000s they were selling well below the cap, and the agreements ended in 2019 because members had "not sold significant amounts of gold for nearly a decade."
Buying Has Now Outweighed the Earlier Selling
Since 2010, central banks have bought nearly 2,000 tonnes more gold than they sold between 1983 and 2009, per World Gold Council data.
The biggest years came recently. Central banks bought more than 1,000 tonnes in each of 2022, 2023 and 2024, something that had not happened in any year since at least 1950. Buying slowed in 2025, but was still higher than in any year from 2010 to 2021.
Russia and Türkiye Have Been Selling
Türkiye was the largest seller in the first three months of 2026, according to the World Gold Council, and Russia was the largest in the next three. Russia said rising prices had increased gold's share of its reserves and that it needed to diversify, Reuters reported.
Other countries kept buying. Poland was the largest buyer in the first half of the year, and its central bank aims to hold 700 tonnes. China's purchases between April and June were its biggest in more than two years.
Why the Numbers Get Revised
The World Gold Council estimates total central bank demand. Part of it is purchases that central banks report; the rest is counted as unreported buying. When new data arrives, that estimate can change. In July, the Council cut its figure for the first quarter of 2026 by more than three-quarters.
Even with the strong second quarter, buying in the first half of 2026 was the lowest since 2022. Bloomberg reported that this year's total is likely to come in below 2025.
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MiningVisuals Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Always conduct your own research.
Sources
Graphic data: ICE Benchmark Administration, Metals Focus, Refinitiv GFMS, World Gold Council, Incrementum AG. Adapted from the In Gold We Trust Report 2026.
- World Gold Council, Gold demand by country (data)
- World Gold Council, Gold Demand Trends Q2 2026: Central Banks, 30 July 2026
- World Gold Council, Gold Demand Trends Q1 2026: Central Banks
- World Gold Council, Central Bank Gold Agreements
- HM Treasury, The sale of part of the UK gold reserves 1999–2002
- Swiss National Bank, Speech, 5 May 2005 (in German)
- Reuters via Kitco, Russian central bank sold 700,000 oz of gold in 2026, 20 April 2026
- PAP, Polish central bank to raise gold reserves to 700 tonnes
- Bloomberg via Mining Weekly, Central banks bought far less gold than thought at start of year, 30 July 2026
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