Central bank gold purchases fell sharply in early 2026

Central banks bought less gold than usual in the first three months of 2026, though they still made net purchases of 244 tonnes. Analysts described this as well below the historical average. Buying recovered in the second quarter, even as gold prices dropped around 22% from a record high of $5,595 per ounce set in January. Geopolitical tensions involving Iran, the US, and Israel also affected markets during this period. For the full year, analysts expect central banks to buy between 750 and 850 tonnes in total. More than 40 central banks were net buyers. China, India, and Turkey together accounted for roughly 42% of purchases in 2025. Central banks have been buying more gold in recent years to reduce their reliance on any single currency.