As of the end of September, the People's Bank of China held 2,409.59 tonnes of gold reserves, an increase of about 23.02 tonnes month-on-month, marking 23 consecutive months of gold accumulation.

In August, global central banks continued their gold purchasing pace, with net purchases reaching 39 tonnes, led by China (20 tonnes), followed by Uzbekistan and Poland (8 tonnes each). Russia was the largest net seller in August (6 tonnes), followed by Jordan (3 tonnes).

From January to August this year, total reported gold purchases by central banks amounted to approximately 170 tonnes. Placing August's central bank gold purchase activity within a broader context, an analysis of reported central bank gold purchases from 2016 to 2025 indicates that there is a degree of seasonality in buying activity, though differences between years remain significant. Heightened economic or geopolitical uncertainty may be one factor, but further analysis is needed to determine whether strong and persistent underlying drivers exist.

Purchasing activity tends to be strongest in June and September-October. Average monthly reported net gold purchases from 2016 to 2025. The composition and total volume of August purchases are equally noteworthy 鈥?gold demand was once again dominated by central banks with long-term gold accumulation programs, suggesting that central bank gold purchasing continues to reflect their long-term reserve objectives, while monthly fluctuations more likely reflect differences in execution, market conditions, and individual country liquidity needs.

Central bank gold purchasing trends. In August, the National Bank of Poland continued its gold purchasing trend (8 tonnes). From January to August, Poland accumulated 98 tonnes, maintaining its position as the world's largest gold buyer. The People's Bank of China purchased gold for the 22nd consecutive month (20 tonnes). In the first eight months of this year, China reported cumulative gold reserve increases of 80 tonnes, second only to Poland in purchase scale. The Central Bank of Uzbekistan purchased 8 tonnes of gold this month. From January to August, its purchases totaled nearly 50 tonnes. The Central Bank of Turkey purchased 3 tonnes of gold in August, following three consecutive months of net gold selling. From January to August, Turkey reported net gold sales of 82 tonnes.

Central bank reported gold purchase activity in August, and central bank gold reserves and their share of total foreign exchange reserves as of August. The Central Bank of Russia further reduced its holdings, with net gold sales of 6 tonnes in August. In the first eight months, Russia has cumulatively sold 56 tonnes of gold. The Central Bank of Jordan also sold gold in August, reducing its holdings by 3 tonnes. From the beginning of the year through August, Jordan has purchased 2 tonnes of gold. Central bank gold purchase activity from the beginning of 2026 through the end of August, central bank net gold purchases and sales (tonnes).

Central banks manage gold in entirely new ways. The World Gold Council stated that central banks are taking a more active approach to managing their gold reserves. On September 2, the Dutch central bank announced that it had transferred 86 tonnes of gold from New York and Ottawa to London, aiming to enhance the liquidity and tradability of its gold reserves. In recent years, several central banks have also been reported to have repatriated gold or readjusted storage locations. In 2025, the French central bank also carried out similar operations to improve the tradability of its gold reserves.