Central Banks Add 23 Tonnes of Gold in July Led by China and Poland

According to the World Gold Council, China purchased 20 tonnes of gold during the month, marking its 21st consecutive period of accumulation and bringing its total holdings to approximately 2,366 tonnes. Poland followed with an 8-tonne addition, reinforcing its position as the leading buyer year-to-date with 90 tonnes acquired. Other participants included the Czech National Bank, which marked 41 months of uninterrupted buying with a 2-tonne purchase, while Kazakhstan, Malaysia, and Bolivia each added one tonne.

Selling pressure remained concentrated among a few key nations. Russia offloaded 6 tonnes in July, bringing its total year-to-date sales to 50 tonnes and reducing its reserves to 2,277 tonnes. Turkey, Jordan, and Uzbekistan also reported minor liquidations of one tonne each. Despite the monthly activity, global central bank purchases remain lower than the previous year, totaling roughly 130 tonnes so far in 2026 compared to 160 tonnes during the same period in 2025.

Strategic shifts continue to reshape the landscape. The Bank of Korea signaled a return to gold after a 13-year hiatus, announcing an allocation via gold-backed ETFs and plans to source domestically refined supply. Meanwhile, Venezuela is seeking the repatriation of $4 billion in gold held by the Bank of England to support post-earthquake infrastructure repairs, and Namibia has formalized agreements with local miners to triple its gold reserves by March 2027.