Emerging markets drive global central bank gold buying in May
World Gold Council data show central banks added 41 tonnes of gold in May, with Poland leading purchases and China extending its buying run.
- Global central banks, driven by emerging markets, added a net 41 tonnes of gold to their reserves in May.
- Poland was the largest buyer, adding 18 tonnes, while China extended its purchasing streak to 20 consecutive months with a 10-tonne addition.
- Other emerging market central banks, including those of Uzbekistan, Kazakhstan, and Singapore, also made notable gold purchases.
- In contrast, Turkey and Russia were the main net sellers of gold during the month.
Global central banks returned to net gold buying in May, lifting official reserves by 41 tonnes as demand remained concentrated among emerging-market buyers, led by Poland and China.
According to Thansettakij, which cited World Gold Council data, central banks moved back into buying mode during the month, with stronger reported activity from a familiar group of reserve managers.
Poland added 18 tonnes of gold in May, followed by China with 10 tonnes. Uzbekistan and Kazakhstan also continued their recent monthly net purchases, while Singapore returned to the buyer list with a net purchase of 4 tonnes, its first monthly increase since September 2025.
Turkey and Russia were the main net sellers during the month. Turkey sold 3 tonnes of gold, taking its year-to-date sales to 81 tonnes, while Russia sold 6 tonnes, bringing its cumulative sales since the start of the year to 34 tonnes.
Since the beginning of 2026, Poland has accumulated 64 tonnes of gold, ahead of Uzbekistan with 33 tonnes, China with 25 tonnes and Kazakhstan with 20 tonnes.
Central-bank policymakers remain broadly positive on gold’s role in reserve portfolios. The ninth edition of the Central Bank Gold Reserves Survey 2026 found that 89% of central banks expect global gold reserves to rise over the next 12 months, while a record 45% expect their own institutions to increase gold holdings over the same period.
Poland and China lead May reserve accumulation
The National Bank of Poland continued its gold-buying programme with a further net purchase of 18 tonnes in May. The month marked Poland’s fourth consecutive double-digit monthly purchase and took its year-to-date accumulation to 64 tonnes.
Poland now holds 614 tonnes of gold in its official reserves 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 in May. This was its largest monthly addition since December 2024. China has added 25 tonnes since the start of the year, placing it among the three largest sovereign gold buyers in 2026.
Gold now accounts for 9% of China’s total reserves, equivalent to around 2,331 tonnes.
Uzbekistan added 9 tonnes in May, raising its year-to-date purchases to 33 tonnes, second only to Poland. Gold now represents 87% of Uzbekistan’s total reserves.
Kazakhstan bought a further 7 tonnes during the month, taking its net purchases so far this year to 20 tonnes. The country now holds 361 tonnes of official gold reserves, or 78% of total reserves.
Singapore returns to the gold-buying list
The Monetary Authority of Singapore (MAS) purchased 4 tonnes of gold in May, lifting Singapore’s holdings to 197 tonnes. The purchase marked MAS’s first monthly net increase since September 2025.
MAS is also preparing to establish central-bank gold vaulting services by October 2026, in line with Singapore’s plan to strengthen its position as a gold trading hub.
The Czech National Bank and the Central Bank of Jordan also bought gold during the month, adding 2 tonnes and 1 tonne respectively. The Czech National Bank has now recorded 39 consecutive months of net gold purchases.
On the selling side, the Central Bank of Russia continued to reduce its holdings, selling 6 tonnes in May. Russia has sold 34 tonnes since the start of the year, lowering its total gold reserves to 2,292 tonnes.
The Central Bank of the Republic of Turkey sold another 3 tonnes in May, taking its year-to-date gold sales to 81 tonnes.
Bank of Korea prepares gold ETF allocation
The Bank of Korea has reportedly completed preparations to invest in overseas gold-backed exchange-traded funds as part of a strategy to diversify its foreign-currency assets.
The bank’s confidentiality policy means it has not disclosed whether an allocation has already been made. Gold-backed ETFs were reportedly selected because they offer high liquidity and lower storage costs than physical bullion.
South Korea currently holds 104 tonnes of gold reserves, accounting for around 3% of its total reserves, a relatively low level compared with several other emerging-market economies.
Gold ETF investment remains uncommon among central banks. Only 4% of survey respondents indicated that they purchase gold through gold-backed ETFs.
Latin American central banks show rising interest
World Gold Council analysis also identified new gold-buying activity among Latin American central banks in 2026.
Chile has accumulated around 8 tonnes of gold since the start of the year, followed by Guatemala with 2 tonnes. Bolivia and Uruguay have each added 1 tonne.
Although the region has faced recent geopolitical tension, it remains too early to determine whether this buying trend will gain momentum or broaden across Latin America.
Source:
