Central Banks Purchased 288.9 Tons of Gold in Q2, Recovering from Q1

In the second quarter of 2026, the net gold purchases by central banks and public institutions worldwide totaled 288.9 tons. This figure represents a 62% increase compared to 177.9 tons in the same period last year. The average gold price on the London Bullion Market Association (LBMA) in Q2 was $4,506.29 per ounce, making the value of 288.9 tons approximately $41.8 billion. The gold demand in Q1 was revised down from 244 tons to 57 tons, and the net purchases in Q2 reached about five times the revised Q1 figure. However, the total net demand from central banks for the first half of the year was 345 tons, the lowest level since 2022. Poland added 51 tons in Q2, while China purchased an additional 33 tons, and Uzbekistan and Kazakhstan increased their holdings by 16 tons and 15 tons, respectively. In contrast, Russia reduced its purchases by 22 tons. The World Gold Council explained that geopolitical uncertainties and the demand for diversification of reserve assets supported central bank purchases. Total gold demand in Q2 was 1,269 tons, similar to the same period last year, while gold exchange-traded funds (ETFs) recorded a net outflow of 45 tons. Central bank gold purchases are also related to discussions around alternative assets such as the dollar, bonds, and Bitcoin.

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