According to the World Gold Council, central banks increased their gold reserves by a net 22 tonnes in June, as Uzbekistan ended a four‑month selling streak by acquiring 9 tonnes. For the second quarter overall, global central bank purchases reached 166 tonnes, with Poland the largest buyer, adding 19 tonnes to its reserves.
Despite those additions, Q2 gold purchases were 33% lower than in Q1, indicating a modest cooling in demand after gold’s price jump of nearly 30% year‑to‑date. Analysts at ING attribute the slowdown in part to the recent rally in prices, which can temper short‑term buying, but they still anticipate further acquisitions. Ongoing geopolitical uncertainty and efforts to diversify foreign‑exchange reserves away from the U.S. dollar are expected to sustain central bank interest in gold going forward.