The Gold Fever Continues: Central Banks Accelerated Purchases in July, Who Leads the Accumulation?

The stability shown by the price of gold during July seems to have been taken advantage of by central banks around the world to continue accumulating reserves. This is indicated by data from the International Monetary Fund, the central banks themselves, and the World Gold Council, which report that in July, the global central banking sector made net purchases of 23 tons.

In this way, it marked the fourth consecutive month of net purchases this year, with an accumulation of 132 tons, while the annual balance stands at 130 tons, compared to 160 tons during the same period in 2025.

A distinctive feature of the purchases in July is that emerging markets are also continuing to accumulate gold, with China and Poland leading the way. In this regard, analysts point out that the activity of the People's Bank of China (PBoC) has accelerated in recent months, with monthly gold purchases in double digits since May 2026. Conversely, Russia was the main net seller in July, recording sales of 6 tons, followed by Turkey, Jordan, and Uzbekistan, each with one ton.

What Happened in July

What was the landscape of global central banking in July?

• The National Bank of Poland continued its streak of gold accumulation with the purchase of 8 tons, leading the list of gold buyers in 2026, with 90 tons acquired. Official statistics show that the country has accumulated 640 tons of gold, against its target of 700 tons, which represents approximately 28% of its total reserves.

• In its twenty-first consecutive month of purchases, the People's Bank of China (PBoC) added 20 tons to its gold reserves. Thus, China has added 60 tons to its gold reserves so far in 2026, only surpassed by Poland. China's official gold reserves now represent 8% of its total reserves, which is around 2,366 tons, making it the sixth largest holder of gold globally.

• The Central Bank of Uzbekistan sold 1 ton, while its gold purchases so far this year amount to 40 tons. The central bank recently made headlines when Governor Timur Ishmetov sought to establish contact with U.S. fund managers. Ishmetov stated that while "gold has proven to be the best investment so far," the central bank is considering possible gold sales at "favorable prices" as part of its overall reserve management plan. Uzbekistan's gold reserves currently represent 87% of its total reserves, or approximately 431 tons.

• The Czech National Bank also purchased 2 tons of gold, marking its forty-first consecutive month of net purchases. The central bank has bought 12 tons so far this year, raising its gold holdings to 6% of its total reserves, or 84 tons.

• The National Bank of Kazakhstan (NBK), Bank Negara Malaysia (BNM), and the Central Bank of Bolivia (CBB) each acquired 1 ton of gold. So far this year, the NBK has accumulated 29 tons of gold and ranks among the top five gold accumulators globally. Kazakhstan's gold reserves represent 75% of its total reserves. Both the BNM and CBB are relatively new to the gold market, with accumulated reserves this year of 6 and 2 tons, respectively.

• The Central Bank of Russia continued its net sales, disposing of another 6 tons of gold. Thus, Russia has sold 50 tons of gold so far this year, reducing its total reserves to 2,277 tons.

• The Central Bank of the Republic of Turkey sold 1 ton of gold, bringing its total sales this year to 85 tons.

The Appetite Continues

But other news also deserves to be highlighted, such as that of the Bank of Korea (BOK), which made headlines again by announcing an official gold allocation after 13 years. This allocation, made through gold-backed ETFs, is estimated at $250 million, or approximately 2 tons. The BOK also announced plans to purchase refined gold domestically to diversify its reserves and protect against risks related to inflation and geopolitics.

Meanwhile, the Venezuelan government requested the Bank of England to repatriate approximately $4 billion of its gold reserves. This comes at a time when Venezuela seeks to rebuild its infrastructure following the earthquake of 2026. It is worth noting that since 2018, Venezuela has been blocked from accessing its gold reserves due to the British government's refusal to recognize the country's socialist government.

In the meantime, the Bank of Namibia intensified its ambition to accumulate gold: its goal is to increase gold reserves from 1% to 3% by the end of March 2027, according to a statement from the bank's deputy governor. According to Namibia Business Review, the bank signed a gold purchase agreement in March this year with QKR Namibia Navachab, a local mining company, to help increase its gold reserves. Thus, the appetite for adding gold to international reserves remains open.

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