Central banks show divergent gold strategies: some are persistent accumulators
(China, Poland, Kazakhstan, Czech Republic, Singapore), some add irregularly
(India), and others are net sellers (Turkey, Russia); major developed central
banks are repositioning gold’s strategic role rather than mounting large-scale
purchases. China: net +≈20t in July, fifth consecutive monthly increase and the
largest single-month addition since Oct 2023; official reserves reached a record
~2,377.5t at end-July. Poland: added ≈51t in Q2, the biggest central-bank buy
globally, lifting holdings to ~550t at end-June and signaling systematic
accumulation. Kazakhstan: +≈15t in Q2, among top-five buyers; can top up
reserves with domestic production. Czech Republic: +≈6t in Q2 from a low base,
indicating a strategic shift toward higher gold allocation. Singapore (MAS): net
+≈4t in May, its first increase since Sep 2025, pointing to reserve
diversification by a regional FX hub. India: gold rising within broader FX
reserve growth; FX reserves ~$716.9bn as of Aug 14, weekly increase ≈$10bn, with
gold +≈$2.7bn. Turkey: net seller YTD ≈83t, sales concentrated in Q1; March saw
a near-50t weekly drop—the largest since 2018—reflecting domestic FX/liquidity
stress rather than a global sell-off. Russia: net sold ≈44t YTD through Q2; WGC
data list Russia among recent major official sellers, showing that central-bank
gold accumulation is not one-way. Fed/ECB/BOJ: no sustained buying trend;
emphasis is on elevating gold’s strategic reserve status rather than large-scale
purchases.
