(Mike Maharrey, Money Metals News Service) Central banks continued to accumulate gold in July, adding a net 23 tonnes to the collective reserves.
Year to date, central banks have accumulated an additional 130 tonnes of gold, about 30 tonnes less than through the same period last year. The primary difference between 2025 and 2026 is that there has been more selling this year.
The Gold Buyers
The People’s Bank of China was the biggest buyer in July, increasing its official reserves by 20 tonnes. It was the 22nd straight month of reported gold buying, raising official Chinese reserves to 2,366 tonnes. That makes up about 8 percent of the country’s total reserves.
So far this year, the PBoC has increased its officially reported gold holdings by 60 tonnes.
Notice the emphasis on “official.”
China is among the central banks that are likely to hold significantly more gold than they publicly disclose. As Jan Nieuwenhuijs has 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 is currently sitting on more than 5,000 tonnes of monetary gold located in Beijing – more than TWICE what has been publicly admitted.
The mainstream is finally taking notice. Last month, Goldman Sachs picked up on China’s undisclosed purchases, and analysts at BMO Capital estimated that Chinese gold reserves could surpass the U.S.’s within five years.
Poland ranks as the top gold buyer so far this year, after adding another 8 tonnes to its holdings in July. So far in 2026, the National Bank of Poland has increased its gold reserves by 90 tonnes. It now holds 640 tonnes of the yellow metal, making up roughly 28 percent of its total reserves.
Poland led central bank gold buying in 2025, adding 102 tonnes of gold to its holdings.
Late last year, the National Bank of Poland issued a statement saying it plans to purchase up to 150 more tonnes of gold, raising its holdings to a maximum of 700 tonnes.
NBP Governor Adam Glapiński said the increase in 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 Czech Republic has been one of the most consistent gold buyers over the last few years. The trend continued in July with yet another 2-tonne purchase.
The Czechs have adopted a slow, steady approach, buying gold for 41 straight months. The country added 20 tonnes to its holdings last year and now holds 84 tonnes of gold. Czech officials say they plan to increase gold reserves to 100 tonnes by 2028.
Other central bank gold buyers last month were:
- Kazakhstan – 1 tonne
- Malaysia – 1 tonne
- Bolivia – 1 tonne
The Gold Sellers
Russia continued to tap into its gold reserves as it copes with the impacts of economic sanctions and a wartime economy. The Central Bank of Russia reported another 6-tonne decline in its gold reserves in July.
Year-to-date, Russia has sold 50 tonnes of gold, decreasing its official reserves to 2,277 tonnes.
Turkey’s gold holdings dipped by another tonne in July. The Central Bank of the Republic of Turkey has divested itself of 85 tonnes of gold so far this year as it copes with a weak currency and the pressure of rising oil prices.
Turkey sold a large amount of gold earlier this year to backstop the lira.
Uzbekistan flipped to selling in July, modestly reducing its reserves by 1 tonne after adding 9 tonnes of the yellow metal in both May and June.
The Uzbek central bank has increased its reserves by a net 40 tonnes year-to-date.
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.
According to the World Gold Council, Central Bank of Uzbekistan Governor Timur Ishmetov recently said that while “gold has turned out to be the best investment so far”, the central bank is looking at potential sales of gold at “favorable prices” as part of its overall reserve management plan.
Uzbekistan holds roughly 87 percent of its reserves in gold.
Jordan was also a gold seller in July, decreasing its reserves by 1 tonne.
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 back to 1950, including since the suspension of dollar convertibility into gold in 1971.
The surging gold price was likely a factor in the slowing central bank gold accumulation. As the World Gold Council put it, the higher price prompted “a more cautious approach.”
“This highlights that central banks are not insensitive to price dynamics, even as their long-term strategic interest in gold remains firmly intact.”
In the latest World Gold Council survey, central bankers overwhelmingly said they expect global gold reserves to continue to grow 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.
Mike Maharrey is a journalist and market analyst for Money Metals with over a decade of experience in precious metals. He holds a BS in accounting from the University of Kentucky and a BA in journalism from the University of South Florida.
