The latest data from the World Gold Council (WGC) shows that global central banks maintained strong gold accumulation in August, with net purchases of 39 tonnes. The central banks of China, Uzbekistan and Poland emerged as the main sovereign buyers for the month, while some other central banks continued to relocate or repatriate gold to new vaults.

Marissa Salim, Senior Head of Research at WGC, stated that total net gold purchases by official institutions worldwide have reached 170 tonnes in 2026, demonstrating robust official demand for gold.

Salim pointed out that over the broader historical timeframe, there has been seasonal fluctuation in August gold purchases by central banks between 2016 and 2025, with substantial variances across different years.

She believes rising economic or geopolitical uncertainty is one of the key drivers behind central bank gold accumulation, yet further analysis is required to identify peRSIstent underlying drivers.

She also emphASIzed that the composition of August buying is just as noteworthy as the total volume, since demand in the month once again came mainly from central banks pursuing long-term, steady gold reserve accumulation programmes.

China Boosts Reserves for 22 Straight Months

Among the most notable central bank transactions in August, the National Bank of Poland bought 8 tonnes of gold, continuing to lead global central bank gold purchases this year.

Salim said Poland has purchased 98 tonnes of gold so far this year, still ranking first. Its gold reserves have risen to 648 tonnes, moving closer to its target of 700 tonnes.

The People’s Bank of China added 20 tonnes to its gold reserves in August, extending its streak of monthly purchases to 22 consecutive months.

According to Salim, China has increased gold holdings by 80 tonnes year-to-date, second only to Poland. Up to now, official Chinese gold reserves stand at roughly 2,387 tonnes, accounting for 9% of total reserves.

The Central Bank of Uzbekistan also bought 8 tonnes of gold in August, bringing its 2026 gold purchases close to 50 tonnes. The country’s total gold reserves have reached 439 tonnes, representing 90% of total reserves.

The National Bank of Kazakhstan purchased 7 tonnes in August, with year-to-date gold purchases approaching 36 tonnes. Its gold reserves currently stand at about 377 tonnes, making up 79% of total reserves.

Central Banks in Central and Eastern Europe Keep Adding Positions

The Czech National Bank maintained steady buying momentum and added another 2 tonnes of gold in August, marking the 42nd consecutive month of monthly purchases. Salim stated the bank has bought 14 tonnes so far this year, lifting gold holdings to 86 tonnes, or 7% of total reserves.

After three straight months of net sales, the Central Bank of the Republic of Turkey returned to net buying in August, adding 3 tonnes of gold.

Salim noted Turkey still recorded net sales of 82 tonnes year-to-date, most of which occurred in the first quarter of 2026. She also mentioned the central banks of Bolivia and Ghana each purchased roughly 1 tonne of gold in the month.

Russia Continues to Reduce Holdings

On the selling side, the Central Bank of Russia continued net gold reduction in August, selling 6 tonnes. Salim said Russia has offloaded 56 tonnes of gold so far this year, with total gold holdings now at 2,271 tonnes.

The Central Bank of Jordan also reported gold sales in August, selling 3 tonnes of bullion. Nevertheless, Jordan remains a net buyer by 2 tonnes for the whole year, with gold reserves rising to 75 tonnes, around 37% of total reserves.

Some Central Banks Adjust Gold Storage Locations

Salim also mentioned that several central banks have carried out large-scale repatriation or cross-border transfers of sovereign gold recently. On September 2, De Nederlandsche Bank (DNB) announced it would transfer 86 tonnes of gold from New York and Ottawa to London, aiming to improve the liquidity and tradability of its gold reserves.

She added Banque de France completed similar operations in 2025 to update the tradability of its gold holdings.

From a market perspective, peRSIstent gold buying by global central banks generally indicates official reserve managers are prioritizing risk diveRSIfication and enhancing asset resilience. Especially amid lingering economic and geopolitical uncertainty, central bank purchases tend to offer medium-to-long-term support for gold. Meanwhile, gold repatriation and relocation operations by some central banks illustrate that gold is not merely a reserve asset, but increASIngly regarded as a strategic asset balancing liquidity, tradability and geographic safety.