(Kitco News) – Central banks maintained the strong monthly pace of gold allocation to their reserves in August, with the Chinese, Uzbek and Polish central banks leading all sovereign buyers, while other banks repatriated or transferred their sovereign bullion to new vaults, according to Marissa Salim, Senior Research Lead, APAC at the World Gold Council (WGC).
“Global central banks remain on pace with gold accumulation this August, with reported net buying totalling 39t,” Salim wrote in the WGC’s latest update. “Large, consistent buyers of gold in 2026 showed continued activity in the month, with China taking the lead, followed by Uzbekistan and Poland.”
Salim said central banks have reported total purchases of 170 tonnes year-to-date in 2026.
“Putting August’s total in broader context, analysis of reported central-bank gold purchases between 2016 and 2025 suggest modest seasonal variation, although differences across years remain substantial,” she noted. “Heightened economic or geopolitical uncertainty may play a role, but further analysis is needed to identify any strong and persistent underlying drivers.”
And the composition of banks that were buying in August was as significant as the impressive total tonnage, Salim said, as “demand was again led by familiar participants pursuing multi-year accumulation programmes.”
“This suggests that central bank activity continues to reflect longer-term reserve objectives, while monthly fluctuations are more likely to capture differences in implementation, market conditions and country-specific liquidity requirements.”
The most significant central bank gold transactions in August and through 2026 included the National Bank of Poland, with 8 tonnes purchased in August. “Poland still tops the scoreboard when it comes to y-t-d gold purchases, buying 98t so far this year but we do see China catching up,” she wrote, noting that Poland now has 648 tonnes of gold in its reserves, bringing its 700-tonne target within reach in the coming months.
“In its 22nd consecutive month of buying, the People’s Bank of China added 20t to its gold reserves in August,” Salim said. “China has reported adding 80t to its gold reserves y-t-d, second only to Poland. China’s official gold reserves now stand at 9% of total reserves, or around 2,387t.”
The Central Bank of Uzbekistan also bought 8 tonnes in August, bringing its 2026 gold purchases close to 50 tonnes, with the country’s gold now totaling 439 tonnes and representing 90% of total reserves.
“The National Bank of Kazakhstan bought 7t in August, with its y-t-d gold purchases close to 36t,” she wrote. “Kazakhstan’s gold now stands at 79% of total reserves, or about 377t.”
The Czech National Bank has also been a consistent buyer of gold, maintaining a 42-month streak of monthly purchases, and added another 2 tonnes of gold in August. “The central bank has bought 14t y-t-d, bringing its gold holdings to 7% of its total reserves, or 86t,” Salim said.
And after three consecutive months of net sales, the Central Bank of the Republic of Turkey bought 3 tonnes of gold in August. “Y-t-d, Turkey reported net sales of 82t, with the majority of its sales happening in Q1 2026,” she noted. “Other central banks in the market this month include Bolivia and Ghana, having bought ~1t each respectively.”
On the selling side, the Central Bank of Russia continued its net liquidations in August, selling off another 6 tonnes of gold. “Russia has sold 56t of gold y-t-d, with its total gold holdings now at 2,271t,” Salim said.
And the Central Bank of Jordan also reported sales in August, selling 3 tonnes of bullion during the month. “Y-t-d, Jordan has bought 2t so far this year, lifting its gold holdings to 75t, approximately 37% of its total reserves.”
Salim also noted some large recent repatriations and transfers of sovereign gold between jurisdictions.
“On September 2nd, the De Nederlandsche Bank (DNB) announced the transfer of 86t of gold from New York and Ottawa to London with the aim of improving the liquidity and tradability of its gold reserves,” she wrote. “In 2025, the Banque de France also conducted a similar operation in updating the tradability of their gold holdings.”
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