Global central banks increased their official gold reserves by a net 41 tonnes in May 2026, according to the latest report from the World Gold Council (WGC). This growth represents a steady recovery in demand after March, when the global volume of gold in official reserves fell by 30 tonnes due to large sales by several regulators that outpaced purchases by other countries.
Top Buyers of Gold Reserves
May demand was primarily driven by regular buyers, with several countries leading the purchases:
- Poland. The National Bank of Poland purchased 18 tonnes of gold. The country leads the world in the pace of reserve accumulation, having increased its holdings by 64 tonnes since the beginning of the year. Poland’s total gold reserves have reached 614 tonnes, bringing the central bank closer to its strategic target of 700 tonnes announced by Governor Adam Glapinski.
- China. The People’s Bank of China added 10 tonnes to its reserves, marking its twentieth consecutive month as a net buyer of the precious metal. China has purchased 25 tonnes since the start of 2026, securing its position among the top three buyers.
- Uzbekistan and Kazakhstan. The central banks of these countries increased their reserves by 9 and 7 tonnes respectively. With 33 tonnes purchased since the beginning of the year, Uzbekistan ranks second globally behind Poland.
- Singapore. Singapore returned to the market after a long pause, purchasing 4 tonnes of gold in its first acquisition since September 2025.
Largest Sellers of Gold Reserves
In contrast to the overall trend, several central banks acted as net sellers:
- Russia. The gold reserves of the Bank of Russia decreased by 6 tonnes in May, with net sales since the beginning of the year reaching 34 tonnes.
- Turkey. The Central Bank of the Republic of Turkey reduced its reserves by 3 tonnes. Turkey has sold 81 tonnes of gold since the start of the year, remaining the largest seller in the market.
Combined sales of 66 tonnes of gold by Russia and Turkey in March had previously caused the temporary decline in global reserve figures.
Market Outlook and Long-Term Trends
Despite profit-taking and sales by some countries, central banks maintain a positive outlook on gold. The ninth annual WGC survey of central bank reserve managers showed record confidence in the value of the metal:
- 89% of surveyed respondents expect global official gold reserves to increase over the next 12 months.
- 45% of respondents expect their own institutions to increase gold reserves over the next year, the highest proportion recorded since the survey began.