Following a period of significant net selling in March, central banks worldwide shifted back to being net buyers of gold in April, adding a combined 17 tonnes to their reserves, according to a report released Wednesday by the World Gold Council. This marks a temporary recovery in official sector purchasing momentum, though the level remains substantially below last year's figures. Additionally, reserve management strategies diverged notably among different nations, with central banks in Eastern Europe and Asia continuing their long-term accumulation trends, while Russia persisted in selling its gold holdings.
Specifically, Poland remained the largest purchaser in April, with a net addition of 14 tonnes. The People's Bank of China also intensified its buying, with a net purchase of 8 tonnes for the month—the highest single-month increase since December 2024. This extends China's consecutive months of accumulation to 18. The Czech Republic maintained its steady, long-term purchasing rhythm, buying more gold in April and continuing its accumulation streak for 38 straight months.
In contrast to the majority of buyers, the Central Bank of Russia continued its selling program, offloading a net 6 tonnes of gold in April. This brings its cumulative sales for the year to 22 tonnes, marking its fourth consecutive month of net disposals.
The World Gold Council report highlighted that the National Bank of Poland was the primary driver of the official sector's April buying activity. Its cumulative purchases for the year have reached 45 tonnes, bringing its total gold reserves to 595 tonnes, which now represents 30% of its overall foreign exchange reserves. The weight of gold within its reserve portfolio continues to increase.
Separately, on June 3rd, National Bank of Poland Governor Adam Glapinski stated that Poland's gold reserves had risen to 613 tonnes, indicating an addition of approximately 18 tonnes over the past month. He also reaffirmed the country's target of reaching 700 tonnes in gold reserves.
Following April's 8-tonne increase, the total official gold holdings of the People's Bank of China now stand at 2,322 tonnes. Gold's share of its foreign reserves remains stable at 9%, with steady monthly additions for 18 consecutive months underscoring a clear long-term allocation strategy.
The Czech National Bank made a modest net purchase of 2 tonnes in April, raising its total reserves to 79 tonnes, which accounts for 6% of the country's total reserves. Its approach has consistently focused on gradual, small-scale accumulation.
Uzbekistan sold a small amount of 1 tonne in April, yet remains a net buyer for the year with cumulative purchases of 24 tonnes, making it the second-largest annual buyer after Poland. The country's gold reserves total 414 tonnes, constituting a very high 88% of its total reserves, indicating a reserve structure heavily skewed towards gold.
Turkey, which engaged in substantial selling in March, saw its gold reserves remain largely unchanged in April. Influenced by the concentrated maturity of short-term gold-for-US dollar swap contracts, only medium-to-long-term swap instruments with 1 to 3 months remaining are still outstanding. This has led to a notable adjustment in its reserve management operations, with detailed strategy insights available in the Gold Demand Trends report for Q1 2026.
From a long-term perspective, central banks in Eastern Europe and Asia remain the core drivers of global official sector gold demand, demonstrating highly consistent purchasing behavior. Over the past 36 months, Eastern European central banks have purchased an average of 12 tonnes per month, while their Asian counterparts have bought an average of 11 tonnes monthly. These two regions have consistently underpinned global official gold demand. The global monthly average net purchase by central banks over the same period was 29 tonnes, highlighting the dominant role of Eurasian central banks in this allocation trend.
The upcoming Central Bank Gold Reserves Survey report, to be released in June, will provide further insights into the latest strategic thinking on gold allocation among central banks globally. Historical survey data indicates a sustained and growing long-term preference for gold among these institutions.
The 2025 survey revealed that 95% of respondent central banks believe global official gold reserves will increase over the next 12 months, a significant rise from the 81% recorded in 2024. Furthermore, the proportion of central banks planning to actively increase their own gold reserves rose from 29% to 43%, underscoring the broad trend of continued gold accumulation by central banks worldwide.
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