Central banks are still buying gold in 2026 because the monetary landscape is less predictable. Interest rates remain high, geopolitical tensions persist, government deficits are a cause for concern, and confidence in major currencies is diversifying. In this context, gold retains its unique status. It is not anyone’s debt. It does not depend on an issuing government, a commercial bank, or a payment system controlled by a foreign power. This neutrality appeals to monetary authorities. The World Gold Council reports that central banks purchased 288.9 metric tons of gold in the second quarter of 2026. This rebound, following a sluggish first quarter, confirms that official purchases are part of a long-term strategy.

Official demand is recovering

Available data confirm that official demand remains strong, although it is not uniform. In May 2026, reported global reserves rose by a net 41 tonnes, according to data compiled from the IMF and central banks. During the first five months of the year, Poland bought 64 tonnes, Uzbekistan 33 tonnes, China 25 tonnes, and Kazakhstan 20 tonnes.

These figures should nevertheless be interpreted carefully: statistics can be revised and cover only reported or estimated activity. In addition, monthly changes may include swaps or other transactions. The pattern therefore reflects recurring purchases by a group of buyers rather than identical behavior across all central banks.

Diversifying reserves without abandoning the dollar

Reserve currencies and sovereign bonds remain essential for funding current needs and acting quickly in markets. Gold is not intended to replace them. Instead, it is a complementary strategic allocation that reduces the concentration of a reserve portfolio in currency-denominated assets.

Such diversification addresses interest-rate risk, issuer credit risk, and fluctuations in reserve currencies. An IMF study notes that central banks actively diversifying into gold are mainly in emerging economies, and that gold’s share tends to rise when global economic policy uncertainty increases.

Addressing geopolitical risk

Foreign-exchange reserves are designed first to strengthen an economy’s ability to withstand pressure on its currency, balance of payments, or external funding. Gold has a specific advantage in this context: it carries no credit risk. The IMF also highlights its potential for long-term resilience during periods of stress.

Nevertheless, this quality does not remove market risk. Gold prices can move sharply, and the metal provides no current income. Central banks therefore hold it within a broader reserve structure, while other assets continue to provide immediate liquidity.

Leading buyers in 2026

The profiles of buyers illustrate the diversity of national strategies. At the end of May, the National Bank of Poland held 614 tonnes and was pursuing a stated target of 700 tonnes. China added 10 tonnes in May, its twentieth consecutive month of net purchases according to the World Gold Council compilation, reaching about 2,331 tonnes, or 9% of its reserves.

Uzbekistan, which bought 33 tonnes since the start of the year, had a gold share close to 87% of its reserves. These proportions cannot be transferred from one country to another: they depend on reserve structures, liquidity needs, and each economy’s specific constraints.

A belief confirmed by surveys

This trend is not based solely on reported purchases. In its 2026 survey oncentral bank reserves, the World Gold Council reports that 89% of the central banks surveyed anticipate an increase in global gold reserves over the next twelve months. A record 45% also plan to increase their own reserves.

This data shows that gold continues to be viewed as a priority reserve asset. Even when prices are high, central banks prioritize safety, diversification, and neutrality. The purchase price matters, but it does not overshadow the strategic objective.

Conclusion

Central banks continue to buy gold in 2026 because the global environment demands more diversified, neutral, and robust reserves. The rebound in the second quarter confirms that the trend remains strong, despite a hesitant start to the year. Gold meets several institutional needs: reducing dependence on the dollar, protecting against geopolitical risk, strengthening balance sheet credibility, and preserving an internationally recognized reserve asset. In a more fragmented monetary system, it regains a central role: that of a trusted, scarce, liquid, and independent asset.