Central banks around the world have purchased a record 289 tonnes of gold in the last three months. The overall worth of the accumulation is a record $47.38 billion, according to the World Gold Council. The buying spree is increasing every quarter as central banks diversify their reserves in 2026. The US dollar is no longer the dominant asset in reserves, as the glittery metal is taking its place. Institutional funds and retail investors are also the largest buyers of the metal.
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Poland and China Lead the Gold Accumulation Spree in Q2 of 2026
Poland remains the top buyer by accumulating 51 tonnes of gold. China comes second after adding 33 tonnes of the precious metal during the second quarter of 2026. Gold accumulation in the first quarter of 2026 topped 345 tonnes. The accumulation took place in Q1 when the XAU/USD index fell nearly 14% from January highs. This created a buying window, as prices dipped and central banks made use of the development.
“Central banks made significant gold purchases in Q2 (289t). After a notable Q1 slowdown following a downward revision to our data, buying among this cohort recovered sharply to the lofty levels that have been typical in the last four years,” read a report from the World Gold Council. The frenzy buying kick-started in 2022, after the US imposed sanctions on Russia. Since then, the XAU/USD index has been soaring and has risen more than 150%.
However, gold faced a correction in the last six months, as prices dipped 14%. Several market commentators remain bullish on the commodity, predicting it could breach the $6,000 wall. Only one analyst gave out a bold projection, estimating that gold could climb above $10,000. John LaForge, Chief Alternative Strategist at Ned Davis Research, said that if the US National debt is not controlled, the commodity could reach $10,000 next.