Published 1 week ago
on April 21, 2026
Central Banks Buying and Selling Gold in 2026
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Key Takeaways
- Emerging market central banks continue to accumulate gold as a hedge against geopolitical risk.
- Russia and Turkey lead gold sales in 2026, reflecting domestic and fiscal pressures.
This visualization highlights which central banks are buying and selling gold so far this year. The data reveals a clear divide between buyers in emerging markets and sellers facing economic constraints.
The data for this visualization comes from the World Gold Council. It shows net changes in central bank gold reserves by country as of February 2026.
Poland Leads Strategic Gold Accumulation
Poland is the largest gold buyer in 2026, adding over 20 tonnes to its reserves. This purchase is part of a broader multi-year plan to reach 700 tonnes, reflecting heightened security concerns on NATO’s eastern flank.
Other notable buyers include Uzbekistan and Kazakhstan, which have steadily increased gold holdings in recent years.
| Country | Net Change in 2026 (Tonnes of Gold) |
|---|---|
 Poland | 20.23 |
 Uzbekistan | 16.48 |
 Kazakhstan | 6.51 |
 Malaysia | 4.98 |
 Czechia | 3.36 |
 China | 2.18 |
 Cambodia | 1.69 |
 Indonesia | 1.51 |
 Serbia | 0.99 |
 Philippines | 0.46 |
 El Salvador | 0.29 |
 Singapore | 0.20 |
 Malta | 0.12 |
 Mongolia | 0.08 |
 Egypt | 0.06 |
 Qatar | 0.02 |
 Mexico | -0.02 |
 Belarus | -0.05 |
 Kyrgyzstan | -1.07 |
 Bulgaria | -1.88 |
 Turkey | -8.08 |
 Russia | -15.55 |
Diversification Away From Dollar Reserves
The freezing of roughly $300 billion in Russian central bank assets in 2022 marked a turning point for global reserve management.
Since then, countries like China and several Central Asian economies have accelerated diversification into gold. Unlike foreign currency reserves, gold is not subject to foreign jurisdiction, making it attractive in a fragmented geopolitical landscape. Even smaller buyers, such as Cambodia and Serbia, are gradually increasing their allocations.
Why Russia and Turkey Are Selling Gold
On the selling side, Russia and Turkey stand out as the largest net sellers in 2026.
Russia’s gold sales reflect mounting fiscal pressures tied to war spending under ongoing sanctions.
Meanwhile, Turkey’s reduction is driven by domestic policy, including efforts to stabilize the lira and manage local gold demand.
