Central banks are back to buying gold. After a surprising net sale of 30 tonnes in March, led by Turkey’s massive 60-tonne offload, April saw a sharp reversal.
The World Gold Council reported that central banks resumed net gold purchases in April, having bought 17 tonnes. This rebound signals that the appetite for gold among central banks remains intact, despite the pressures of a higher-for-longer interest rate environment.
Poland continued to be the month’s biggest buyer with 14 tonnes, bringing its year-to-date gold purchases to 45 tonnes, with gold reserves now at 595 tonnes, or about 30% of its total reserves.
Top Buyers in April
China accelerated its purchasing pace, reaching its largest net acquisition since December 2024 with 8 tonnes, extending its current buying run to 18 straight months. Official gold reserves now stand at approximately 2,322 tonnes, or 9% of total reserves.
The Czech Republic made its 38th consecutive monthly purchase of 3 tonnes, a remarkable streak of consistency that few central banks can match. Its gold reserves now stand at 79 tonnes, or 6% of total reserves.
Overall, China, the Czech Republic and Poland remain the most consistent buyers of gold globally.
Who Is Selling?
Not everyone is buying. The Central Bank of Russia continued its recent streak of net sales for the fourth consecutive month, with reported April net sales of 6 tonnes. On a year-to-date basis, Russia has sold 22 tonnes.
The Central Bank of Uzbekistan sold 1 tonne in April, though on a year-to-date basis, it remains a net purchaser of 24 tonnes and is second only to Poland. Uzbekistan’s gold reserves make up 88% of its total reserves, or around 414 tonnes.
March’s top seller, the Central Bank of Turkey, reported virtually flat gold reserves in April, with weekly data showing that short-term gold/USD swaps matured in April, leaving only longer-term (1–3 month) gold/USD swaps outstanding.
The Bigger Trend
Eastern European and Asian central banks continue to dominate gold purchases with consistent buying. Over the past 36 months, both regions have purchased 12 tonnes and 11 tonnes per month on average collectively. Global central bank activity shows average net purchases of 29 tonnes over the same period — underlining the structural shift towards gold in reserve management.
What Happened in March
In March, central banks sold a net total of 30 tonnes of gold, with Turkey as the largest seller at 60 tonnes, using its reserves for foreign exchange and liquidity purposes. Russia also contributed to the sales with 6 tonnes. In contrast, February had seen a net purchase of 19 tonnes by central banks collectively. April’s rebound to net buying of 17 tonnes suggests March was an outlier rather than a trend.
Where Does India’s RBI Stand?
India did not feature in the WGC’s April report, indicating no further gold buying by the Reserve Bank of India. The physical stock of gold held by the RBI as of March 31, 2026, was 880.52 tonnes, which has remained unchanged as of June 3.
However, gold’s share in India’s total forex reserves has risen significantly — from 8.3% of net foreign assets in March 2024 to 17.2% by March 2026. This rise has been driven primarily by revaluation gains from higher gold prices, not fresh purchases.
The RBI had been an aggressive buyer in 2024, purchasing 72.6 tonnes. But it dramatically slowed down in 2025, buying just 4.02 tonnes — and has barely bought any gold in 2026 either. The RBI bought 0.13 tonnes in January but none in February, after a four-month hiatus. After purchasing just 1.3 tonnes of gold during 2025, the RBI’s total gold holdings reached a record of 880.3 tonnes at the end of the year.
Gold Prices — Still Under Pressure
Gold Prices remain significantly below their pre-war highs. Gold declined sharply following the onset of the Iran war, dropping 20% from a recent high of $5,602 to approximately $4,482. Gold is currently trading at $4,469, having recovered somewhat, but is still 13.5% lower than its pre-war price of $5,174. Year-to-date, gold has gained just 3% since January, lagging in a big way from the 65% surge seen in 2025.
written by Sunil Dhavan of FinancialExpress
Disclaimer: This article is for informational purposes only and does not constitute investment or financial advice. Gold prices are highly volatile and subject to geopolitical, macroeconomic, and monetary policy factors. Past central bank buying patterns are not indicative of future trends or gold price performance. Readers are strongly urged to conduct independent due diligence and consult a qualified financial advisor before making any gold investment decisions.
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