Central Banks Return to Net Gold Purchases in April After March Decline

Thu June 04 2026

Central banks returned to net gold purchases in April, reversing the net sales recorded in March, according to data from the World Gold Council (WGC) reported by Kitco News.

The WGC’s Senior Research Lead for APAC, Marissa Salim, indicated that the sovereign sector bought a net 17 tonnes of gold last month, a rebound from the significant net sales observed in March.

Poland was the largest buyer in April, adding 14 tonnes. China increased its buying pace, with a net purchase of 8 tonnes, its highest monthly total since December 2024, extending its consecutive monthly buying streak to 18 months. The Czech Republic also demonstrated consistent purchasing activity, acquiring 3 tonnes in April, marking its 38th consecutive monthly purchase. On the selling side, Russia continued its sales streak, offloading 6 tonnes in April, bringing its year-to-date sales to 22 tonnes.

Salim noted that Eastern European and Asian central banks continue to dominate the buying side with regular monthly purchases. Over the past 36 months, these two regions have collectively averaged purchases of 12 tonnes and 11 tonnes per month, respectively. Global central bank activity over the same period shows average net purchases of 29 tonnes per month.

Poland’s 14-tonne purchase brought its year-to-date gold acquisitions to 45 tonnes, with total gold reserves reaching 595 tonnes, representing about 30% of its total reserves. China’s 8-tonne purchase raised its official gold reserves to approximately 2,322 tonnes, or 9% of its total reserves. The Czech National Bank’s 2-tonne net purchase in April brought its gold reserves to 79 tonnes, or 6% of its total reserves.

On the selling side, besides Russia, the Central Bank of Uzbekistan sold one tonne of gold in April. However, on a year-to-date basis, Uzbekistan remains a net purchaser with 24 tonnes, second only to Poland. Uzbekistan’s gold reserves make up 88% of its total reserves, or around 414 tonnes.

The Central Bank of the Republic of Turkey, which was the top seller in March, reported virtually flat gold reserves in April. Weekly data indicated that short-term gold/USD swaps matured in April, leaving only longer-term (1–3 month) gold/USD swaps outstanding.

Looking ahead, Salim stated that the WGC’s ninth annual Central Bank Gold Reserves Survey 2026 will be released this month, providing the latest insights into central banks’ strategic views on gold as a reserve asset. In the 2025 survey, 95% of respondents expected global central bank gold reserves to increase over the following 12 months, compared to 81% in the 2024 survey. Additionally, 43% of respondents in the 2025 survey believed their own gold reserves would increase over the same period, up from 29% in the 2024 survey.

Source: https://www.indexbox.io/