Central banks added a net 41 tonnes of gold to official reserves in May, according to World Gold Council data. Poland led with 18 tonnes and China extended its buying streak to 20 straight months, while Turkey and Russia were the month’s main sellers.
Central banks returned to net gold buying in May, lifting official reserves by 41 tonnes, with demand concentrated among emerging-market buyers led by Poland and China. The World Gold Council data show reserve managers moving back into buying mode during the month.
Poland was the largest buyer, and the trend fits a broader pattern in the gold market. Central-bank policymakers remain broadly positive on gold’s role in reserve portfolios, and a record 45% expect their own institutions to increase gold holdings over the next 12 months, per the Central Bank Gold Reserves Survey 2026.
Poland and China lead the accumulation
The National Bank of Poland added a net 18 tonnes in May, its fourth consecutive double-digit monthly purchase, taking year-to-date accumulation to 64 tonnes. Poland now holds 614 tonnes and is moving closer to its 700-tonne target.
The People’s Bank of China bought gold for the 20th consecutive month, adding a net 10 tonnes — its largest monthly addition since December 2024. Gold now accounts for 9% of China’s total reserves, around 2,331 tonnes.
Uzbekistan and Kazakhstan continued their recent buying. Uzbekistan added 9 tonnes, lifting year-to-date purchases to 33 tonnes, while Kazakhstan bought 7 tonnes, reaching 20 tonnes for the year.
Turkey and Russia sell into the rally
Not every reserve manager was buying. Turkey sold 3 tonnes in May, taking its year-to-date sales to 81 tonnes, while Russia sold 6 tonnes, bringing cumulative sales to 34 tonnes since the start of the year.
Singapore, by contrast, returned to the buyer list. The Monetary Authority of Singapore purchased 4 tonnes, its first monthly net increase since September 2025, and is preparing to establish central-bank gold vaulting services by October 2026.
New buyers emerge in Asia and Latin America
The Bank of Korea has reportedly completed preparations to invest in overseas gold-backed exchange-traded funds to diversify its foreign-currency assets. South Korea currently holds 104 tonnes, about 3% of its total reserves — low relative to several other emerging markets.
The World Gold Council also identified fresh buying among Latin American central banks. Chile has accumulated around 8 tonnes since the start of the year, followed by Guatemala with 2 tonnes, though it remains too early to say whether the trend will broaden across the region.
Source: Nation Thailand
Trading involves risk.
Risk Disclaimer
