Central Banks Are Reshaping Their Gold Reserves: Who Is Buying, Who Is Selling, and Who Will Lead in 2027?

Global Economy :Gold has served as a component of national reserves for centuries. Its importance tends to grow when the global economy faces crises, wars, inflation and financial market volatility. In such conditions, gold can help countries diversify their reserves and reduce their dependence on a single asset or currency.

Central banks have renewed their focus on the precious metal in recent years. According to the World Gold Council’s 2026 Central Bank Gold Reserves Survey, around 90% of central banks expect global central bank gold holdings to increase over the next 12 months.

The Five Biggest Central Bank Gold Buyers in 2026

For some countries, gold purchases have become an integral part of their long-term economic strategy and risk management.

Poland is the largest gold buyer in 2026. Its purchases are part of a broader plan to restructure its foreign exchange reserves. The National Bank of Poland has set a target of increasing its gold holdings to 700 tonnes. By the end of July, the country held approximately 640 tonnes, having already completed much of the planned increase. At that point, gold accounted for around 28% of Poland’s total reserves.

Polish central bank governor Adam Glapiński has linked the country’s increased gold purchases to Europe’s changing security environment following Russia’s invasion of Ukraine. He has said that the pace of accumulation accelerated after the war began, with Poland’s gold holdings rising from around 200 tonnes to several hundred tonnes.

China, Uzbekistan, Kazakhstan and the Czech Republic Follow

China ranked second among gold buyers, with approximately 60 tonnes of net purchases through the end of July. Its buying activity has accelerated in recent months, with the People’s Bank of China adding 20 tonnes to its reserves in July alone.

Uzbekistan followed with approximately 40 tonnes, while Kazakhstan added around 29 tonnes and the Czech Republic approximately 12 tonnes.

World Gold Council data suggest that the buying trend extends beyond major global powers. Central banks in Eastern Europe and emerging Asian economies have also played a significant role in the latest wave of gold accumulation.

Two Countries Selling Gold in 2026

While purchases can signal a long-term shift in reserve strategy, sales often reflect a different set of economic priorities. In 2026, some central banks have reduced their gold holdings amid liquidity needs and financial pressures.

Turkey has attracted particular attention. According to World Gold Council data, the country’s gold reserves fell by approximately 83 tonnes in the first half of 2026. A substantial portion of the decline occurred in the first quarter and was linked to gold sales and transactions aimed at managing liquidity and conditions in the foreign exchange market.

Unlike Poland’s strategic accumulation, Turkey’s reduction in gold holdings has been more closely associated with short-term financial and currency pressures. In March 2026, Reuters reported, citing official data, that Turkey’s gold reserves had dropped by approximately 50 tonnes in a single week. Estimates suggested that the decline reflected a combination of outright gold sales and gold swap transactions.

Russia also reduced its gold reserves by approximately 44 tonnes over the same period, amid high wartime spending and mounting financial pressures.

Why Are Central Banks Buying Gold?

Central banks generally purchase gold for strategic reasons, including its perceived role as a safe-haven asset, a store of value and a tool for diversifying reserves.

In the World Gold Council’s 2026 survey, 90% of central banks cited gold’s performance during crises as a key reason for holding it. Meanwhile, 84% highlighted its role as a store of value, and 83% pointed to its diversification benefits.

Foreign reserves are typically held in assets denominated in currencies such as the US dollar and the euro, alongside other financial instruments. Gold allows central banks to diversify their exposure and reduce reliance on foreign currency assets.

The survey also points to a possible long-term shift in reserve composition: 74% of participating central banks expect the US dollar’s share of global reserves to decline over the next five years, while they anticipate an increase in gold’s share.

Rising gold prices can also increase the dollar value of a country’s gold holdings, although the value of reserves remains subject to market fluctuations.

The scale of central bank buying has increased substantially in recent years. According to the World Gold Council, central banks added an average of around 1,000 tonnes of gold annually over the past four years, compared with an average of approximately 500 tonnes per year during the preceding decade.

For some countries, therefore, gold accumulation is no longer simply a financial decision. It has become part of a broader economic security strategy.

The World's Largest Official Gold Reserves: Outlook for 2027

World Gold Council data through June 2026 show that the United States holds more than 8,000 tonnes of gold, leaving it far ahead of other countries. Given the size of its current holdings and the absence of evidence pointing to a major change in its position, the United States is highly likely to remain the world's largest official gold holder in 2027.

China is one of the countries most closely watched for potential changes in its ranking. The People’s Bank of China continued its gold-buying streak in July 2026, purchasing an additional 20 tonnes for the 21st consecutive month of reported accumulation. China’s official gold reserves stood at approximately 2,346 tonnes at the end of June.

Poland is pursuing a different strategy. It held around 640 tonnes of gold at the end of July 2026 and aims to reach 700 tonnes. The country purchased approximately 90 tonnes in the first seven months of the year.

If Poland continues buying at a similar pace, it could gradually narrow the gap with countries ranked above it. However, its future position will depend on the pace of its purchases and any changes in other countries’ holdings.

Will the United States Remain No. 1 in 2027?

The United States is highly likely to retain its leading position. Even if China and other central banks continue accumulating gold, the gap between US holdings and those of the second-largest holder exceeds 4,700 tonnes.

For the ranking to change, the United States would need to make a substantial reduction in its gold reserves, or another country would need to accumulate an extraordinary amount of gold over a relatively short period.

Neither scenario is indicated by the available data. Based on current holdings and reported purchasing trends, the United States is therefore expected to remain the world's largest official gold holder in 2027, even as other central banks continue to reshape their reserve strategies.

Editorial note before publication: The figures above have been translated from your original draft and have not been independently verified here. Please double-check the 2026 purchase and sales figures, the ranking methodology, and the World Gold Council survey statistics against the latest source tables. In particular, distinguish changes in official gold holdings from changes caused by gold swaps or other transactions, and clarify whether the buyer rankings refer to net purchases during the first seven months of 2026.