*Taken from IMF IFS June 2026 Edition. Data are two months in arrears, so holdings are as of April 2026 for most countries, March 2026 or earlier for late reporters
Gold has traditionally been a safe haven that holds its value in times of trouble. Amid security concerns and geopolitical uncertainty, it is increasingly viewed as an enduring pillar of official reserves. Central banks have steadily increased their allocation to gold over the past three years, lifting global gold reserves by volume to 36,559 tonnes in June 2026. In Q1-2026, the West Asia conflict added to prevailing geopolitical risks and heightened volatility across energy, commodity, and financial markets. Gold prices had already been rising since late 2024, but the added uncertainty led to intermittent corrections after the earlier surge.
According to the World Gold Council, concerns emerging in early 2026 led to a notable increase in gold sales reported by central banks but offset by continued strong buying. Gold demand remained robust, with estimated net purchases of 244t in Q1-2026, higher than both the previous quarter and the five-year average. The National Bank of Poland, Central Bank of Uzbekistan, and People’s Bank of China were among the largest buyers during the quarter.
According to the World Gold Council, concerns emerging in early 2026 led to notable increase in gold sales reported by central banks but offset by continued strong buying. Gold demand remained robust, with estimated net purchases of 244t in Q1-2026, higher than both the previous quarter and the five-year average. The National Bank of Poland, Central Bank of Uzbekistan, and People’s Bank of China were among the largest buyers during the quarter.
Overall, central bank gold buying reflects a broader shift towards more diversified and resilient reserve portfolios. If geopolitical uncertainty, debt concerns, and currency diversification continue, gold is likely to remain an important part of official reserves.
Disclaimer
The information contained in this newsletter (“Newsletter”) is for general informational purposes only. Northern Arc Capital Limited (“Northern Arc”) does not make any warranties about the completeness, reliability, and accuracy of this information. Any action you take upon the information contained in this Newsletter is strictly at your own risk, and Northern Arc will not be liable for any losses and damages in connection with the use of our Newsletter.
The data included in this Newsletter has been obtained from sources that are believed to be reliable and accurate at the time of publication. However, Northern Arc does not guarantee the accuracy or completeness of any information, nor does it assume any responsibility or liability for any errors or omissions therein. Any opinions expressed herein are subject to change without notice and Northern Arc is under no obligation to update or keep current the information contained in this Newsletter.
This Newsletter is not intended to constitute, and should not be construed as, investment advice or a recommendation to purchase, sell, or hold any security or to engage in any investment strategy or transaction. Readers should not rely solely on the information provided in this Newsletter for making investment decisions and should conduct their own due diligence or seek the advice of a qualified professional.
The content of this Newsletter is for informational purposes only and is not a solicitation or an offer to buy or sell any securities or financial instruments. Northern Arc is not responsible for any investment decisions made by the recipients of this Newsletter. Readers should take independent financial advice from a qualified professional in connection with, or independently research and verify, any information that is provided in this Newsletter and wish to rely upon, whether for the purpose of making an investment decision or otherwise.
Northern Arc and its affiliates, directors, employees, and agents expressly disclaim any and all liability for any direct or indirect losses, damages, or expenses of any kind arising out of or relating to the use of this Newsletter, including but not limited to, any losses related to the accuracy, completeness, timeliness, or reliability of such information.
This Newsletter may contain forward-looking statements that are based on current expectations, estimates, forecasts, and projections about the markets in which Northern Arc operates, as well as management’s beliefs and assumptions. Forward-looking statements are not guarantees of future performance and involve certain risks and uncertainties, which are difficult to predict. Past performance is not indicative of future results.
This report is intended solely for the recipient and is not for further circulation. Any distribution, modification, reproduction, or disclosure of the contents of this Newsletter, in whole or in part, without the prior written consent of Northern Arc, is strictly prohibited.