Central Banks Bought 289 Tonnes of Gold in Q2

Conclusion: Central-bank demand remains a structural support for gold, but the 2026 story is more nuanced than an uninterrupted buying boom. The World Gold Council estimates net purchases of 289 tonnes in Q2, a record for a second quarter, while first-half demand was the lowest since 2022.

The verified demand split

Q2 central-bank net buying rose from a revised 57 tonnes in Q1. First-half net demand totalled 345 tonnes. Poland added the most among reported buyers, while China increased its accumulation pace, according to the WGC.

Why this matters for gold forex

Official-sector purchases can reduce available supply and reinforce reserve-diversification demand. They do not remove short-term XAU/USD sensitivity to the dollar, yields or profit-taking.

◆ Structural factor: reserve diversification and geopolitical uncertainty.

◆ Cyclical factor: the price and opportunity cost of holding gold.

⚠ Data caveat: WGC estimates can be revised as new information becomes available; Q1 was revised materially.

Latest YouTube lens

BusinessDayTV's Q2 gold-demand discussion reviews the demand mix. The tonnage figures above come directly from WGC, not from the video.

Sources

• World Gold Council Q2 2026 report
• WGC central-bank section
• WGC Q2 press release

Research note: X and Google News were screened; unverified claims about future central-bank purchases were excluded. This is analysis, not personalised investment advice.