Central Banks Bought 23 Tons of Gold in July

Central banks have purchased 23 tonnes of gold

In July, central banks increased their gold reserves by 23 tonnes. China was the largest buyer, Poland retained its lead for the year as a whole, whilst Russia was the largest seller of the month. In total, since the start of 2026, central banks have reported net purchases of around 130 tonnes of gold — approximately 30 tonnes less than during the same period last year.

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According to the World Gold Council, the People’s Bank of China purchased 20 tonnes of gold in July. This marks the 21st consecutive month in which the Chinese regulator has increased its reserves. Since the start of the year, China has acquired around 60 tonnes — the second-highest figure after Poland.

China’s gold reserves now stand at around 2,366 tonnes. Gold accounts for 8 per cent of the country’s total reserves. China ranks sixth among the world’s largest official holders of gold.

Poland added 8 tonnes to its gold reserves in July. Since the start of the year, the Polish central bank’s purchases have reached 90 tonnes — the highest figure among all central banks. The country’s total gold reserves have risen to 640 tonnes, bringing them closer to the National Bank of Poland’s target of 700 tonnes. Gold accounts for around 28 per cent of Poland’s reserves.

The Czech National Bank purchased a further 2 tonnes in July. It has been increasing its gold reserves for the 41st consecutive month and has acquired 12 tonnes since the start of the year.

The central banks of Kazakhstan, Malaysia and Bolivia each bought 1 metric tonne of gold in July.

Russia led the way in sales in July. The Central Bank of the Russian Federation sold 6 tonnes of gold, bringing its total sales since the start of the year to 50 tonnes. Russia’s gold reserves fell to 2,277 tonnes.

Turkey sold 1 tonne in July. Since the start of the year, its sales have totalled 85 tonnes. The central banks of Uzbekistan and Jordan each sold 1 tonne.

That said, Uzbekistan remains a major buyer for the year as a whole. Despite the July sale, its gold reserves have increased by 40 tonnes since the start of the year. Gold now accounts for around 87 per cent of the country’s reserves, with the total volume standing at approximately 431 tonnes.

Timur Ishmetov, Governor of the Central Bank of Uzbekistan, stated that the regulator is considering the possibility of selling gold at favourable prices as part of its reserve management strategy. He also described gold as the best investment.

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