Central banks around the world continued to build their gold reserves in August, with reported net purchases of 39 tonnes led by China, Uzbekistan and Poland, as a number of central banks keep increasing their holdings of the precious metal and diversifying their reserves.

The latest World Gold Council report said total reported central bank gold purchases since the start of 2026 reached 170 tonnes by the end of August. It noted that several regular gold buyers remained active during the month, led by China, Uzbekistan and Poland.

The report said historical data on central bank purchases from 2016 to 2025 point to limited seasonal variation in the pace of buying, with large differences from one year to the next. It noted that elevated economic and geopolitical uncertainty may be one of the factors supporting demand, although further analysis is needed to identify the fundamental and persistent drivers behind these trends.

The council said the make-up of buyers in August was as important as the volume of purchases, as demand was again led by central banks following multi-year gold accumulation programs, reflecting long-term reserve management goals, while month-to-month changes more closely reflect market conditions and each country's liquidity needs.

The National Bank of Poland topped the list of buyers in August, adding 8 tonnes to its reserves and bringing its purchases since the start of the year to 98 tonnes. Its total holdings reached 648 tonnes, nearing its 700-tonne target.