Central bank gold buying surges to 100 tonnes per month as Poland bolsters reserves

Central bank gold buying has surged to 100 tonnes per month on a three-month seasonally adjusted basis in June 2026, according to latest Goldman Sachs data. The acceleration underscores persistent geopolitical anxiety gripping official institutions globally.

Poland has emerged as 2026's largest gold buyer, adding over 20 tonnes to reserves as NATO's eastern flank braces for heightened security risks. The nation is executing a multi-year plan to reach 700 tonnes, up from historical holdings near 230 tonnes. This reflects Warsaw's assessment that gold offers the only truly neutral store of value immune to sanctions and currency debasement during periods of military tension.

The broader trend is striking. Central banks bought a record 289 tonnes in the second quarter of 2026, a 62 per cent year-on-year increase. China's central bank extended its 21-month buying streak with another 20-tonne addition. Across the system, 89 per cent of policymakers expect holdings to increase over the next 12 months. Over four years, central banks have averaged 1,000 tonnes purchased annually, double the preceding decade's rate.

For UK buyers, central bank demand at £3,278 per ounce provides a psychological price floor. When trillion-dollar institutions commit to accumulation at current levels, retail investors gain comfort that spot prices represent genuine value. Remember to factor in all-in costs including dealer premium and delivery fees. This is not financial advice.