According to the latest data from the World Gold Council, the trend in central bank gold acquisitions has shifted once again. After collectively becoming net sellers of gold in March, central banks worldwide returned to being net buyers in April, with net purchases totaling 17 tonnes for the month.
Economies in Eastern Europe and Asia remain the primary drivers of accumulation, with several nations making substantial purchases, while a few others engaged in minor sales for hedging purposes. Historical survey data indicates a sustained, long-term upward trend in central banks' intent to allocate to gold. The Council's latest annual survey report is also slated for imminent release.
Monthly Trend Reverses, Long-Term Accumulation Continues
Marissa Salim, Senior Research Manager for the Asia Pacific region at the World Gold Council, noted that in April, global central banks reversed the significant selling activity seen in March, achieving net purchases of 17 tonnes of gold.
On a country-by-country basis, Poland was firmly the largest buyer for the month, with a net purchase of 14 tonnes. A major Asian economy added a net 8 tonnes, marking its highest monthly increase since December 2024 and extending its streak of consecutive monthly additions to gold reserves to 18 months. The Czech Republic maintained a steady pace of buying, purchasing 3 tonnes in April, continuing a 38-month streak of monthly accumulation.
On the selling side, Russia sold 6 tonnes of gold in April, bringing its total sales for the year to 22 tonnes. Uzbekistan reduced its holdings by a modest 1 tonne, but remains a net buyer for the year overall, with cumulative purchases of 24 tonnes, making its net accumulation second only to Poland's. Turkey, which saw significant sales in March, largely held its gold reserves steady in April, as short-term gold-for-dollar swap agreements matured, leaving only medium to long-term swap instruments with 1-3 month durations.
Reserve Structure Optimization, Eurasian Banks Central to Long-Term Strategy
Examining long-term allocation patterns, central banks in Asia and Eastern Europe form the core of global gold procurement. Over the past 36 months, these two regions have averaged monthly net purchases of approximately 11 tonnes and 12 tonnes, respectively, compared to a global central bank average of 29 tonnes per month over the same period.
Following this latest round of accumulation, Poland's total purchases for the year have reached 45 tonnes, bringing its total gold reserves to 595 tonnes, which now constitutes 30% of its total foreign reserves. The official gold reserves of the major Asian economy have grown to approximately 2,322 tonnes, with gold representing 9% of its total reserves. The Czech Republic's gold reserves stand at 79 tonnes, accounting for 6% of its total reserves. Uzbekistan holds 414 tonnes of gold, a substantial 88% of its overall reserves. These figures highlight ongoing efforts by nations to optimize their reserve mix, utilizing gold to diversify away from volatility in foreign currency assets.
Allocation Confidence Rises, New Survey Report Forthcoming
Marissa Salim added that the World Gold Council's 2026 Central Bank Gold Reserve Survey, the ninth of its kind, will be officially released this month. Its contents will provide direct insight into the long-term allocation strategies of central banks regarding gold reserves.
Past survey data corroborates the year-on-year increase in central bank enthusiasm for gold. In the 2025 survey, 95% of respondent central banks anticipated a further rise in global official gold holdings over the next 12 months, up from 81% in 2024. The proportion of central banks planning to increase their domestic gold reserves rose from 29% to 43%, indicating that the logic for long-term accumulation has become a consensus within the sector.
In summary, the rebound in central bank gold buying in April reaffirms gold's value as a safe-haven asset. The long-term accumulation trend remains firmly entrenched among numerous Eurasian nations, with only a few countries engaging in periodic profit-taking. As central banks' allocation preferences continue to strengthen, fundamental support for global gold demand is expected to persist.
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