The decrease in stocks occurred against the background of significant sales by individual countries. The largest seller was Turkey: the Central Bank of Turkey sold about 60 tons of gold. Earlier Bloomberg reported that these operations were aimed at supporting the national currency – the lira.
The second largest seller was the Bank of Russia, which reduced its reserves by 6 tons. Additional pressure on the overall balance was exerted by the data of the State Oil Fund of Azerbaijan, which recorded net sales of gold at the level of 22 tons at the end of the first quarter.
On the buyers’ side, the leader was the National Bank of Poland, which increased reserves by 11 tons. Poland remains one of the most active market participants: in 2025, the country was among the largest buyers of gold, ending the year with reserves of about 550 tons. In February 2026, the regulator purchased another 20 tons, and the head of the central bank Adam Glapiński said the goal is to bring reserves to 700 tons.
Other buyers include the central banks of Uzbekistan and Kazakhstan, which increased reserves by 9 tons and 6 tons, respectively. The People’s Bank of China continued to build up its reserves for the 17th consecutive month, purchasing another 5 tons in March.
The regulators of Guatemala and the Czech Republic also purchased small amounts of gold – 2 tons each.
WGC experts note that the dynamics of March reflects the continuing strategy of central banks. Some countries use gold to stabilize financial markets, while others continue to build up reserves as a long-term protective asset.
