Central Banks Buy Net 19 Tonnes Gold in February, Poland Leads as Russia Turns Seller

Global central banks resumed gold purchases in February 2026 after a relatively subdued start to the year. The latest data highlights continued interest in gold as a reserve asset, even as buying patterns evolve across regions. 

Global Buying Trends and Key Contributors 

As per World Gold Council, Central banks added a net 19 tonnes of gold in February, recovering from January but still below the 2025 monthly average of 26 tonnes. Year-to-date purchases in 2026 stand at 25 tonnes, down from 50 tonnes in the same period last year, indicating a more cautious approach amid high prices. 

Poland led buying with 20 tonnes, raising reserves to 570 tonnes (31% of total) and targeting 700 tonnes. Its central bank also hinted at a potential $13 billion temporary gold sale to fund defence, with plans to repurchase later. 

Uzbekistan added 8 tonnes, marking five consecutive months of buying and reaching 407 tonnes (88% of reserves). Malaysia added 2 tonnes, taking its 2026 total to 5 tonnes.  

The Czech National Bank extended its 36-month buying streak to 75 tonnes (7% of reserves), while China continued its 16-month streak, increasing reserves to 2,308 tonnes (10% of total). 

Selling Activity and Market Adjustments 

While several countries increased their holdings, others reduced exposure. Russia stood out as one of the largest sellers, offloading 6 tonnes in February and remaining in the net selling category so far in 2026. 

Turkey also recorded an 8-tonne decline during the month, primarily linked to adjustments in treasury holdings rather than direct reserve sales.  

In March, however, the Turkish central bank became “highly active”, deploying around 50 tonnes of gold for liquidity and foreign exchange operations. Authorities clarified that these transactions are structured in a way that the gold will “return to our reserves” upon maturity. 

Emerging Participation from Africa 

A notable trend is the increasing involvement of African central banks in gold accumulation. Uganda has initiated a domestic gold purchasing programme, with active buying beginning in March 2026.  

The country plans to acquire at least 100 kg of gold between March and June from local producers. This initiative is aimed at “bolster reserves” and protect the economy from global financial risks. 

Kenya is also moving in a similar direction, with its central bank signalling intentions to incorporate gold as part of its reserve diversification strategy. 

Trend Outlook and Market Direction 

Despite the slower pace of accumulation compared to last year, the overall trend of central bank gold buying remains intact. February’s data indicates a rebound following January’s slowdown and reinforces gold’s continued role in reserve management. 

The growing participation of emerging markets, including countries in Southeast Asia and Africa, alongside consistent buying by nations such as China, Poland, the Czech Republic and Uzbekistan, highlights the ongoing importance of gold in global reserve strategies, even as Russia stands out on the selling side.

Read More: India’s Gold Imports Jump 29% To $69 Billion In FY26! 

Conclusion 

Central bank activity in early 2026 reflects a balanced approach to gold reserves, combining steady accumulation in emerging markets with selective selling, while maintaining gold’s position as a key strategic asset. 

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