Global Gold Rush: Poland & China Lead Central Bank Buying Spree Forecast for 2026!

Central banks globally are demonstrating a sustained and significant appetite for gold as 2026 approaches its final quarter, a trend spearheaded by nations like Poland and China. This consistent official accumulation signals a profound structural realignment in how sovereign institutions manage their reserve assets, moving away from traditional holdings.

Analysis conducted by investing research platform BestBrokers, leveraging World Gold Council reserve data and LBMA prices as of October 6, 2026, highlights the ten largest national buyers by tonnage through August of the year. Poland has emerged as a prominent leader, adding a substantial 97.8 tonnes to its reserves by August, elevating its total holdings to 647.98 tonnes. This places Poland within striking distance of matching its entire accumulation for 2025 and has propelled the country into the global top ten gold reserve holders earlier in the year. On a per-capita basis, Poland’s gold holdings now amount to approximately 17.12 grams per citizen, a notable increase from the equivalent of five small gold coins per person to six, with an approximate value of $4,919 at current market prices.

China’s gold purchasing activity has also seen a sharp acceleration following a more subdued start to the year. August alone saw monthly purchases reach 20.2 tonnes, a figure BestBrokers described as more than twenty times the volume recorded in January. This brings China’s total accumulation for the period to 80.2 tonnes, pushing its official reserves to an impressive 2,386.55 tonnes. This colossal stockpile ranks as the world’s fifth-largest gold holding, valued at approximately $318.9 billion, based on the LBMA PM price of $4,156.40 per troy ounce recorded on October 6.

Beyond these two headline figures, a consistent pattern of accumulation has been observed among several emerging-market and Central Asian central banks. Uzbekistan, for instance, has added 48.2 tonnes despite experiencing two months of minor reductions. Kazakhstan has also been a steady buyer, acquiring 36.1 tonnes with purchases reported in every month except January. The Czech Republic has consistently increased its gold reserves each month, adding 14.2 tonnes to reach a total of 85.76 tonnes.

However, the global picture is not uniformly one of accumulation. Some central banks have actively reduced their gold holdings. Turkey stands out as the largest seller of the year, having reduced its official reserves by 81.6 tonnes through August, including a significant 60.4-tonne reduction in March alone. While Turkey briefly resumed buying in August, adding 2.9 tonnes, it remains a substantial net seller for the year. Russia has also trimmed its reserves by 34.2 tonnes, and Azerbaijan’s State Oil Fund has reduced its holdings by 21.9 tonnes. Collectively, the world’s central banks now hold an impressive 36,888.97 tonnes of gold, which is equivalent to roughly 1.19 billion troy ounces.

This BestBrokers analysis comes as spot gold is trading near a two-month low of approximately $4,100 an ounce, primarily influenced by a stronger US dollar and elevated US Treasury yields. The macro backdrop holds significant implications for fintech and capital markets participants, as gold pricing directly impacts commodity derivatives, collateral valuations, and the complex modeling of reserve assets across institutional balance sheets.

The broader pattern of central bank buying is consistent with a multi-year trend previously highlighted by both the International Monetary Fund (IMF) and the Bank for International Settlements (BIS) in their recent reserve composition surveys. This sustained shift away from dollar-denominated reserves towards physical gold represents a critical structural consideration for currency risk management strategies, correspondent banking relationships, and the infrastructure supporting cross-border payment settlements. For professionals in payments and digital assets, any acceleration of de-dollarization sentiment among sovereign institutions has profound implications for the long-term role of dollar-backed stablecoins and the design choices for Central Bank Digital Currencies (CBDCs) in emerging markets.

Alan Goldberg, lead data analyst at BestBrokers, articulated the fundamental reason behind this trend: “Gold may be trading like a financial asset, but central banks’ buying decisions reveal something more fundamental: who wants to hold wealth in a form that cannot be printed.” The analysis specifically covers the period from January to August 2026, based on data reported by central banks to the IMF and subsequently published by the World Gold Council. The upcoming quarterly data release will provide further insights into whether this pace of accumulation continued into September.