Global central banks have just recorded a massive month-on-month increase in their gold purchases.
According to To the World Gold Council, global central banks bought 27 tons of gold worth just over $4.6 trillion in February.
This represents a 575% increase on the four tonnes the Reserve Banks bought in January.
“Just two months into the year, central banks have bought 31 tons, a much slower pace than the same period last year (50 tons).”
Gold is trading at $4,833 at the time of writing.
The Polish central bank was the largest buyer of gold among global reserve banks, buying about 74% of the gold reserves purchased by banks in February.
“Central banks bought a net 27 tons in February, with activity driven by Poland (20 tons), a notable recovery after a lull in January.
Uzbekistan entered its fifth consecutive month of net purchasing (8 tons), followed by Kazakhstan (8 tons), Czech Republic (2 tons), Malaysia (2 tons), China (1 tons), and Cambodia (1 tons).
Türkiye and Russia were the biggest net sellers of gold, collectively disposing of 14 tons in February.
Besides central banks in Europe and Asia, the report says that some African reserve banks are also working to increase their reserves of the yellow metal.
“The Bank of Uganda launched its local gold purchasing program two years ago, with active purchasing commencing in March 2026. The bank aims to purchase at least 100kg of gold between March and June this year…
…Kenya Central Bank Governor Kamau Thog signaled similar intentions at a press conference in early February, which hints at a broader trend for African central banks to turn to gold as a strategic tool for diversification.
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