Countries Buying Massive Gold Reserves in 2026

Central banks bought over 900 tonnes of gold in the 2025–26 financial year, marking the fourth year in a row of above-average purchases. With gold hitting record highs of $5,589/oz in Jan 2026, the buying spree isn’t slowing. 

Here’s who’s buying the most gold in 2026, and why central banks are ditching dollars for bullion.

1. Poland – The Aggressive Buyer

2026 purchases: 20.23 tonnes so far

Total goal: 700 tonnes 

Poland is leading global accumulation in 2026. The National Bank of Poland added 29 tonnes in February alone, its 11th consecutive month of buying. 

Why: Geopolitical risk on NATO’s eastern flank. Gold is liquid, can’t be frozen by sanctions, and works as a crisis hedge. 

2. China – Steady Accumulation

2026 purchases: 2.18 tonnes Jan-Feb

Total reserves: 2,313.46 tonnes 

The People’s Bank of China has been buying for 18+ months. In 2025 it added 27 tonnes. 

Why: Diversification away from the U.S. dollar. China now holds nearly 9% of reserves in gold. Gold also hedges against trade war and tariff risks. 

3. Uzbekistan & Kazakhstan – Central Asia’s Gold Rush

2026 purchases: Uzbekistan 16.48t, Kazakhstan 6.51t .

  Both countries have been steady buyers since 2022. Kazakhstan was the largest buyer in Q3 2025. 

Why: Commodity-linked economies want to reduce dollar exposure and use gold as a counter-cyclical asset. Uzbekistan’s central bank led Q1 2026 buying with 25 tonnes. 

4. India – Bringing Gold Home

Reserves: 880.52 tonnes as of March 2026

Share of forex reserves: 16.7%, up from 13.92% in Sept 2025 

The RBI added 9 tonnes in Jan 2026, the largest monthly increase since July 2022. Over two-thirds of India’s gold is now stored domestically, up from less than half in March 2024. 

Why: Protect reserves from currency volatility and sanctions risk. Gold also reduces pressure on the current account when oil and fertilizer imports spike.

5. Turkey – Buyer and Seller

2025 purchases: 27 tonnes Jan-Oct

2026 sales: -8.08 tonnes so far 

Turkey has been a consistent buyer but sold 8 tonnes in early 2026 to manage currency pressure. Total official holdings hit 644 tonnes. 

6. Emerging Markets Driving the Trend

Other notable buyers in 2026:

• Malaysia: 4.98 tonnes

• Czechia: 3.36 tonnes

• Indonesia: 1.51 tonnes

• Kenya, DRC, Rwanda, Namibia: Planning or starting purchases.

Kenya’s central bank said it wants gold as “an extra buffer” to diversify reserves. 

Why Central Banks Are Buying Now

1. De-dollarization

76% of central banks want to increase gold reserves in the next 5 years. 73% expect lower dollar reserves over the same period. 

2. Sanctions hedge

Physical gold stored domestically can’t be frozen like foreign currency reserves. After Russia’s reserves were frozen in 2022, demand spiked. 

3. Inflation and currency debasement

Gold surged 60% in 2025. Central banks see it as protection against currency debasement and rising debt. 

4. Crisis liquidity

In a stress event, gold can be sold, leased, or pledged to raise foreign currency. It’s universally recognized with no counterparty risk. 

Who Holds the Most Gold Today

Despite emerging markets buying, the U.S. still holds the largest stockpile at 8,100+ tonnes, followed by Germany at 3,350 tonnes. Russia and China both exceed 2,300 tonnes. 

What This Means for 2026

95% of central banks expect global gold reserves to rise in the next 12 months. The trend is clear: emerging markets are leading, advanced economies are holding, and everyone is preparing for a more fragmented financial system. 

    Gold demand from central banks hit 244 tonnes in Q1 2026 alone, 17% higher quarter-over-quarter. As long as geopolitical risk, trade tensions, and dollar volatility persist, central banks will keep stacking.

Conclusion: The gold buyers in 2026 are Poland, China, India, and Central Asian states. They’re not betting on gold to moon—they’re using it as insurance against a world where dollar reserves aren’t as safe as they used to be.