Central Banks Bought 23 Tonnes Of Gold In July

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Global central banks purchased a net 23 tonnes of gold in July 2026, with the People’s Bank of China leading as the largest buyer at 20 tonnes and Poland adding eight tonnes. According to the World Gold Council, these purchases are driven by a need to diversify reserve assets, a trend further incentivized by the 2022 freezing of Russian assets by G7 nations. While some countries increased their gold holdings, others including Russia, Turkey, Uzbekistan, and Jordan reported net sales, and concerns regarding storage jurisdiction led nations like the Netherlands to relocate gold reserves.

Consequences

Central banks are expected to continue supporting gold prices through persistent demand as they seek to hedge against geopolitical risks and reduce reliance on US dollar holdings. Furthermore, the conflict regarding Venezuela's inability to access gold stored in the United Kingdom has prompted central banks to prioritize domestic storage and diversify the locations of their bullion reserves.

Sources

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