Central banks purchased 321 tons of gold in the third quarter, the highest quarterly volume since the end of 2024. During nine months, the total purchases reached 675 tons, slightly increasing the result of the corresponding period last year. Data from the World Gold Council shows that regulatory demand remains a significant driver of physical gold movements. China and Poland have been particularly active in renewing their reserves. During the quarter, their central banks purchased 63 and 41 tons, respectively. Together, these two countries supplied much of the demand in the quarter. At the same time, the purchases are unevenly distributed among the regulators: against the background of large purchases, individual market participants reduce the inventory. Russia became the single largest seller in the quarter, selling 19 tons. This highlights the differences in the regulators' actions: some increase the gold component of reserves, others release the metal. Despite the sales of individual countries, the final balance of the quarter remains in favor of large-scale purchases.

Central banks purchased 321 tons of gold in the third quarter, the highest quarterly volume since the end of 2024. During nine months, the total purchases reached 675 tons, slightly increasing the result of the corresponding period last year. Data from the World Gold Council shows that regulatory demand remains a significant driver of physical gold movements. China and Poland have been particularly active in renewing their reserves. During the quarter, their central banks purchased 63 and 41 tons, respectively. Together, these two countries supplied much of the demand in the quarter. At the same time, the purchases are unevenly distributed among the regulators: against the background of large purchases, individual market participants reduce the inventory. Russia became the single largest seller in the quarter, selling 19 tons. This highlights the differences in the regulators' actions: some increase the gold component of reserves, others release the metal. Despite the sales of individual countries, the final balance of the quarter remains in favor of large-scale purchases.