Poland became the largest gold buyer among the world’s central banks in January-August 2026, increasing its reserves by approximately 98 tonnes, according to an Experts Club analysis based on World Gold Council (WGC) data published on October 6.
In August, global central banks continued actively increasing their gold reserves, purchasing another 39 tonnes on a net basis compared with 23 tonnes a month earlier. However, the ranking of cumulative purchases since the beginning of the year differs noticeably from the results of August alone.
According to the WGC, the largest gold buyers in January-August 2026 included:
Poland – about 98 tonnes
China – about 80 tonnes
Uzbekistan – about 50 tonnes
Kazakhstan – about 36 tonnes
Czech Republic – about 14 tonnes
The National Bank of Poland retained first place thanks to the continuation of its large-scale precious metal accumulation programme. In August alone, the Polish central bank purchased another approximately 7.8 tonnes.
As a result, Poland’s gold holdings approached 648 tonnes, while the National Bank’s strategic target is 700 tonnes.
China ranks second. In August, the People’s Bank of China was the largest buyer in the world, increasing its reserves by as much as 20.2 tonnes.
In January-August, China purchased about 80 tonnes of gold, while its official gold reserves reached approximately 2,387 tonnes. Gold accounts for about 9% of the country’s international reserves.
At the same time, China has continued buying the precious metal for 22 consecutive months, making it one of the most consistent buyers among the world’s largest central banks.
Uzbekistan ranks third, having increased its gold reserves by approximately 50 tonnes since the beginning of the year. In August, the country purchased another approximately 7.8 tonnes. The total volume of gold in Uzbekistan’s reserves reached approximately 439 tonnes, with the precious metal accounting for about 90% of the country’s international reserves.
Kazakhstan ranks fourth, with purchases of approximately 36 tonnes over eight months. In August, the National Bank of Kazakhstan added about 7.4 tonnes, bringing its gold holdings to approximately 377 tonnes. Gold accounts for about 79% of the country’s international reserves.
The Czech Republic rounds out the top five largest buyers. The Czech National Bank purchased 14 tonnes since the beginning of the year, including approximately 1.7 tonnes in August. The country’s total gold reserves reached around 86 tonnes.
Notably, the Czech Republic has been increasing its gold holdings for 42 consecutive months, implementing one of the most consistent reserve expansion programmes among European central banks.
At the same time, Turkey and Russia became the largest gold sellers since the beginning of 2026. Turkey reduced its reserves by approximately 82 tonnes, although in August it returned to purchases and bought about 2.9 tonnes. Russia sold about 56 tonnes in January-August, including approximately 6.2 tonnes in August.
The World Gold Council notes that the continued presence of the same countries among active buyers indicates the long-term nature of gold accumulation policies. Monthly changes in purchase volumes largely reflect the implementation schedules of these programmes, market conditions and the liquidity needs of individual countries.
According to the WGC, in January-August 2026 central banks reported net purchases of approximately 170 tonnes of gold. At the same time, officially recorded changes in reserves do not necessarily reflect total public-sector demand, as some central bank transactions become known with a delay or are not disclosed.
The World Gold Council regularly tracks changes in central banks’ official gold reserves based on data from the International Monetary Fund, national regulators and other official sources. The WGC regards central bank demand as one of the key factors in the global gold market.
Central banks, CHINA, CZECH REPUBLIC, EXPERTS CLUB, GOLD, gold reserves, KAZAKHSTAN, POLAND, UZBEKISTAN, WORLD GOLD COUNCIL
The Central Bank of Russia became the largest gold seller among the world’s central banks in August 2026, reducing its official gold reserves by approximately 6.2 tonnes, according to an Experts Club analysis based on data from the World Gold Council (WGC).
Among the notable gold sellers in August, the WGC highlights:
Russia – about 6.2 tonnes
Jordan – about 3.1 tonnes
Russia continued reducing its gold reserves after selling approximately 6 tonnes in July. In total, in January-August 2026, Russia’s official gold reserves decreased by approximately 56 tonnes.
Following the August sale, the amount of gold in Russia’s reserves stood at about 2,271 tonnes.
Jordan sold about 3.1 tonnes of gold in August. However, unlike Russia, the country remains a net buyer after the first eight months of the year: since the beginning of 2026, its gold reserves have increased by approximately 2 tonnes to 75 tonnes. Gold accounts for about 37% of Jordan’s international reserves.
At the same time, Turkey remains the largest gold seller for January-August, despite switching to purchases in August.
According to the WGC, Turkey has reduced its gold reserves by approximately 82 tonnes since the beginning of the year. The bulk of the sales occurred in the first quarter of 2026. In August, the trend changed, with the Turkish central bank purchasing about 2.9 tonnes of gold.
Russia ranks second among the largest sellers since the beginning of the year, with about 56 tonnes.
Thus, August showed a significant predominance of buyers over sellers: the world’s central banks collectively purchased 39 tonnes of gold on a net basis, compared with 23 tonnes in July.
The World Gold Council notes that the data cover officially reported changes in the reserves of central banks and other official institutions and may differ from the broader estimate of global central bank demand, which takes into account unreported purchases.
Central banks, EXPERTS CLUB, GOLD, gold reserves, JORDAN, RUSSIA, TURKEY, WORLD GOLD COUNCIL
In August 2026, central banks around the world increased their official gold reserves by a total of 39 metric tons in net terms, with the People’s Bank of China emerging as the largest buyer, according to an analysis by Experts Club based on data from the World Gold Council (WGC) published on October 6.
According to the WGC, the main buyers of gold in August were:
China — 20.2 metric tons
Poland — 7.8 metric tons
Uzbekistan — 7.8 metric tons
Kazakhstan — 7.4 metric tons
Turkey — 2.9 metric tons
Czech Republic — 1.7 metric tons
Bolivia—about 1 metric ton
Ghana—about 1 metric ton
China continued to purchase gold for the 22nd consecutive month. In August, the People’s Bank of China increased its gold reserves by approximately 20.2 metric tons—the largest monthly increase since October 2023.
From January through August, China purchased about 80 metric tons of gold. The country’s official gold reserves reached approximately 2,387 metric tons, accounting for about 9% of China’s total international reserves.
Despite China’s lead in August alone, Poland remains the largest buyer of gold since the beginning of 2026. The National Bank of Poland purchased about 7.8 metric tons in August and 98 metric tons since the start of the year. Poland’s gold reserves have grown to approximately 648 metric tons, approaching its stated target of 700 metric tons.
Uzbekistan increased its reserves by approximately 7.8 metric tons. Since the beginning of the year, the country has purchased about 50 metric tons of gold, bringing its total gold reserves to approximately 439 metric tons. Gold accounts for about 90% of Uzbekistan’s reserves.
Kazakhstan purchased about 7.4 metric tons of gold in August, bringing its total purchases since the beginning of the year to approximately 36 metric tons. The country’s gold reserves reached about 377 metric tons, or 79% of its international reserves.
Turkey returned to net purchases after three months of sales, acquiring about 2.9 metric tons. However, since the beginning of 2026, the country has remained a major net seller—the total reduction in reserves amounts to about 82 metric tons, with the bulk of sales occurring in the first quarter.
The Czech National Bank purchased about 1.7 metric tons, thereby extending its streak of net gold purchases to 42 consecutive months. Since the start of the year, the Czech Republic has added about 14 metric tons, increasing its reserves to 86 metric tons.
Overall, from January through August 2026, central banks worldwide reported net purchases of approximately 170 metric tons of gold.
The World Gold Council notes that the composition of the largest buyers remains relatively stable. This indicates that central banks are purchasing gold primarily as part of their long-term reserve management policies, while monthly fluctuations are linked to the timing of program implementation, market conditions, and individual countries’ liquidity needs.
For comparison: in July, central banks worldwide purchased 23 metric tons of gold on a net basis. Thus, in August, the volume of net purchases increased by approximately 70% month-over-month.
Official source: World Gold Council, Central Bank Gold Statistics, published on October 6, 2026.
Since the beginning of 2020, 35.8 million pieces of jewelry made of precious metals, with a total weight of 83.2 metric tons, have received the state hallmark in Ukraine, according to OpenDataBot, citing the Ministry of Finance.
The average weight of a single item that passed state inspection was about 2.3 grams. Silver jewelry accounted for the majority—20.8 million pieces. Another 15 million items were made of gold.
The number of platinum jewelry items during this period totaled just 7,200 pieces. Only one palladium item was recorded—it passed assay inspection in 2025.
Prior to the full-scale invasion of Ukraine, more than 6.2 million pieces of jewelry were hallmarked annually. After a decline in 2022, the figure rebounded to 6.4 million in 2023 and to a record 7.3 million in 2024. In 2025, the number of hallmarked jewelry pieces fell to 5.4 million.
About 99% of gold jewelry that undergoes state hallmarking in Ukraine is manufactured by Ukrainian companies. Imported products account for only about 1% of this segment.
At the same time, the silver jewelry market is significantly more dependent on foreign suppliers. Nearly one in three silver items that undergo assay testing in Ukraine is manufactured abroad.
Overall, in the first quarter of 2026, 14% of all jewelry that received a state hallmark was imported. The average for 2020–2026 is 16%.
Virtually all imported jewelry must undergo state hallmarking before being sold in Ukraine. The hallmark confirms that the actual precious metal content matches the fineness declared by the manufacturer.
