Global central banks bought 321 tonnes of gold in Q3 2026, the largest quarterly amount in almost two years. Buying continued in October, and the XAU/BTC ratio has risen roughly 20% since early October.
Global central banks acquired 321 tonnes of gold during Q3 2026, according to data from the Kobeissi Letter. That is the largest quarterly amount in almost two years and the fifth-largest on record. The buying strengthens the case that central banks still overwhelmingly prefer the traditional safe haven asset when diversifying reserves, even as prices remain historically elevated on a broader scale.
Purchases rise from 58 tonnes in Q1
Q3 purchases increased 8% from 296 tonnes in Q2 and surged from just 58 tonnes in Q1. The five-year quarterly average stands at around 227 tonnes. Year-to-date demand reached 675 tonnes, 6% higher than the same period in 2025.
China and Poland were the standout buyers, adding 63 tonnes and 40 tonnes, respectively. Kazakhstan and Uzbekistan each bought another 14 tonnes.
Buying continues in October
The purchases did not stop in September. CryptoPotato reports that Reuters said the People's Bank of China added another 25.8 tonnes in October, its largest monthly purchase in three years. Poland bought another 27 tonnes that month, taking its reserves to its previously announced target of 700 tonnes.
Governor Adam Glapinski subsequently said he saw no reason for the country to stop accumulating the precious metal. Meanwhile, the World Gold Council argued that reserve diversification and risk management remain key motivations for central banks, while Q3 gold ETF demand rebounded strongly, adding 211 tonnes.
Gold gains against bitcoin
Gold has gained significant ground against bitcoin, though not because its price rose in simple terms against the dollar. The XAU/BTC ratio has risen from roughly 0.047 in early October to almost 0.057, a surge of roughly 20%.
Source: CryptoPotato
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