In the first quarter of 2026, central banks purchased a net 244 tonnes of gold — the fastest quarterly pace in over a year. For the first time, that roster of buyers includes Guatemala, Indonesia, Malaysia, Cambodia, Uganda, and Kenya, some of which have not held gold in decades or ever. That shift is notable for more than its headline figure.
There are two lists to watch.
One is familiar: large emerging-market central banks such as China and Poland, whose accumulation since 2022 has been widely covered. The other is more surprising: a growing number of smaller or previously inactive central banks choosing to hold gold. That quieter trend reveals a different, deeper story.
Guatemala. Indonesia. Malaysia. Cambodia. Uganda. Kenya.
These institutions are not the usual names in precious metals briefings. Some are buying for the first time in institutional history; others are returning after long absences. The World Gold Council’s Q1 2026 Gold Demand Trends report, published April 29, 2026, shows central banks purchased a net 244 tonnes in Q1 — up 3% year-over-year and extending a run of seventeen consecutive months of net purchases.
Shaokai Fan, the WGC’s global head of central banks, described the development in late March this way: “A phenomenon we’ve been seeing in the last few months is new central banks, or central banks that have been inactive or absent from the gold market for a long time, entering the gold market.” The choice of the word “phenomenon” signals that this is more than routine reserve activity.
Which Countries Are Buying Gold for the First Time in 2026?
Poland led Q1 2026 purchases with 31 tonnes as part of a multi-year plan to reach 700 tonnes. Uzbekistan added 25 tonnes and Kazakhstan 12 tonnes. Alongside those familiar accumulators were the Czech Republic, Malaysia, and Serbia, ranging from modest to first-time buyers. Fan specifically cited Guatemala, Cambodia, and Indonesia as recent new entrants — sovereign actors deciding to increase their gold holdings.
The Bank of Uganda began active buying under a domestic gold programme in March 2026, and Kenya’s central bank governor publicly signalled similar intentions early in 2026. These are not mere copycat moves; each central bank is acting on its own reserve-management assessment and arriving at the same conclusion.
Seen from the outside, the conclusion is straightforward: monetary authorities are choosing an asset no central bank issues, no foreign government controls, and which cannot be frozen by sanctions.
Why Are Central Banks Buying More Gold as Prices Rise?
In typical markets, rising prices suppress demand as buyers await a pullback. That is not occurring with central banks. Gold reached record nominal highs — peaking near $5,600 intraday in January 2026 — yet purchases accelerated. The five-year quarterly average for central bank gold buying is roughly double the pre-2022 five‑year average, and that has happened alongside a doubling in price.
Buying more of an asset as it becomes more expensive signals structural repositioning rather than momentum trading. Reserve managers focus less on short-term price movements than on the long-term composition of reserves. Their primary question is whether reserve denominations will preserve value over a 10-to-30-year horizon.
Reflecting that mindset, the WGC’s 2025 Central Bank Survey showed 95% of respondents expected global official gold reserves to rise over the next 12 months — the highest result in the survey’s eight-year history. A record 43% planned to increase their own holdings, up from 29% in 2024, while none expected to reduce holdings.
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Why Did Central Banks Double Their Gold Buying After 2022?
Before 2022, central banks typically bought roughly 400–500 tonnes of gold per year. Since 2022, that figure has shifted to about 850–900 tonnes annually. This change followed a geopolitical event in 2022 that demonstrated foreign exchange reserves held in another country’s financial system can be frozen overnight. That reality forced central banks to reconsider how much of their reserves rely on assets controlled by others.
Gold sits outside that vulnerability: it cannot be frozen or sanctioned, and no correspondent bank in New York or London can block access to it. For many countries, especially smaller economies, increasing gold reserves is a straightforward decision about financial sovereignty rather than a short-term macro bet.
What This Means for Your Allocation
Individual investors watching these developments are seeing more than price momentum: they are observing the choices of the world’s most sophisticated reserve managers. These institutions have access to every asset class and currency, yet many are choosing gold for its unique attributes as an unforgeable, non-sovereign reserve asset.
The WGC’s full-year forecast for 2026 is about 850 tonnes of central bank purchases, slightly below 2025’s 863 tonnes but still more than double the pre-2022 annual average. Unreported flows suggest actual buying may be higher than headline figures indicate.
Gold was priced at $4,507.08 as of June 1, 2026 (approximately 12:26 UTC). Central banks are purchasing with multi-decade horizons in mind — not for the next six months, but for the next thirty years. That approach reflects a preference for financial sovereignty rather than short-term fear.
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People Also Ask
Why are new countries buying gold for the first time?
In 2022, roughly $300 billion of Russian central bank reserves were effectively frozen, illustrating that foreign-exchange reserves held in another country’s financial system can be seized. That event prompted central banks to reassess how much of their reserves are held in assets controlled by others. Gold cannot be frozen or sanctioned and can be accessed without permission from a third-party government. For smaller economies such as Guatemala, Cambodia, and Uganda, buying gold is primarily a decision about sovereignty.
How much gold are central banks buying in 2026?
The World Gold Council reported a net 244 tonnes purchased by central banks in Q1 2026, up 3% year-over-year. The WGC’s forecast for full-year 2026 is approximately 850 tonnes, slightly below 2025’s 863 tonnes but still well above the pre-2022 annual average of 400–500 tonnes.
Is central bank gold buying expected to continue?
All indicators suggest continued demand. The WGC’s 2025 Central Bank Survey found 95% of respondents expected global official gold reserves to rise over the next 12 months, with 43% planning to increase their own holdings and none planning reductions. Net purchases have now extended for seventeen consecutive months, even through historic price levels.
Which central banks bought the most gold in Q1 2026?
Poland led Q1 2026 with 31 tonnes as part of a plan to reach 700 tonnes. Uzbekistan added 25 tonnes and Kazakhstan 12. Other buyers included the Czech Republic, Malaysia, Serbia, and China. New and returning entrants such as Guatemala, Indonesia, and Uganda broaden the buyer base beyond previously established accumulators.
SOURCES
- World Gold Council — Gold Demand Trends Q1 2026
- World Gold Council — Gold Demand Trends Q1 2026: Central Banks
- Mining Weekly — Additional central banks to buy gold on geopolitical risks, WGC says (March 24, 2026)
- Daily Monitor — Bank of Uganda launches three-year pilot to buy domestic gold for reserves (April 21, 2026)
- CNBC — Coverage of record gold prices (January 29, 2026)
- World Gold Council — Central Bank Gold Reserves Survey 2025
- World Gold Council — Gold Demand Trends Full Year 2025: Central Banks
- World Gold Council — Central Bank Gold Statistics: Central banks stay the course on gold in February (April 2026)
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Consult a qualified financial adviser before making investment decisions.
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