Central Banks Revert to Gold Accumulation in April Amid Divergent Strategies

Central Banks Adjust Gold Strategies in April

April marked a new phase in the gold reserve management strategies of central banks worldwide. Following a period of significant net sales in March, these financial institutions transitioned to net purchasers in the subsequent month, adding approximately 17 tonnes of gold to their portfolios. While this resurgence in official buying offers a positive signal, the volume remains considerably below levels recorded in the preceding year, indicating intricate and evolving market interactions. Notably, there is a marked divergence in reserve operations across different countries. While nations in Eastern Europe and Asia continue their long-standing accumulation of gold, Russia adheres to a different approach, persisting with gold sales.

Poland and China Lead the Purchasing Tide

Delving into the specifics, Poland emerged as the largest gold purchaser in April, increasing its net purchases by 14 tonnes. China followed in second place, escalating its gold acquisition pace by adding 8 tonnes to its reserves. This figure represents the highest monthly increment since December 2024 and extends its continuous buying streak to 18 months, underscoring a long-term investment vision. The Czech Republic also maintained its steady purchasing rhythm, adding gold to its reserves for the thirty-eighth consecutive month, reflecting a systematic approach to bolstering its gold holdings.

Russia Continues Divestment Trend

In contrast, the Russian Central Bank has sustained its gold selling policy, with net sales in April amounting to 6 tonnes. Consequently, Russia's total gold sales for the current year have reached 22 tonnes, marking the fourth consecutive month of net gold sales.

Insights into Key Nations' Strategies

According to the World Gold Council report, the Polish Central Bank played a pivotal role in the April official buying spree. Throughout the current year, Poland has increased its gold reserves by 45 tonnes, bringing its total holdings to 595 tonnes, which constitutes 30% of its overall foreign exchange reserves, indicating the growing importance of gold in its reserve structure. On June 3rd, Polish Central Bank Governor Adam Glapiński confirmed that Poland's gold reserves had indeed risen to 613 tonnes, an increase of 18 tonnes over the past month, while reaffirming his target of 700 tonnes.

After adding 8 tonnes in April, China's official gold stock reached 2322 tonnes, with the proportion of gold in its foreign reserves remaining stable at 9%. This signifies a clear and long-term strategy of increasing gold holdings over 18 consecutive months.

The Czech National Bank conducted a modest net purchase of 2 tonnes in April, bringing its total reserves to 79 tonnes, representing 6% of the country's total reserves. The Czech Central Bank follows a consistent approach of gradual and steady reserve increases.

Conversely, Uzbekistan sold 1 tonne of gold in April but has still achieved net purchases over the year, increasing its reserves by 24 tonnes. Uzbekistan ranks second after Poland in terms of annual purchase volume. The country holds 414 tonnes of gold reserves, a very high proportion of 88% of its total reserves, indicating a reserve structure heavily weighted towards gold.

Following substantial sales in March, Turkey maintained stability in its gold reserves in April. Reports suggest this stability was influenced by the short-term expiry of gold-to-USD swap contracts, with medium- and long-term swap instruments remaining in place. Turkey's detailed reserve management strategy has been incorporated into the Q1 2026 Gold Demand Trends report.

The Enduring Role of Asia and Eastern Europe

In the long term, central banks in Eastern Europe and Asia continue to be the primary drivers of official gold purchases globally, with these acquisitions demonstrating strong continuity. Over the past 36 months, the average monthly gold purchases in Eastern Europe have been 12 tonnes, and in Asia, 11 tonnes. These two regions consistently support global official gold demand. During the same period, the average monthly net gold purchases by all central banks globally stood at 29 tonnes, underscoring the dominant role of European and Asian central banks in gold allocation.

Future Outlook and Survey Insights

The upcoming 2026 Central Bank Gold Reserve Survey report, slated for release in June, is expected to reveal the latest global central bank gold allocation strategies. Based on previous survey data, the long-term preference of central banks for gold continues to rise. The 2025 survey indicated that 95% of responding central banks anticipate a continued increase in global official gold reserves over the next year, a significant rise from 81% in 2024. Concurrently, the percentage of central banks planning to actively increase their own gold reserves rose from 29% to 43%, highlighting the overarching global trend of increasing gold allocation.