Central banks increased gold purchases to the maximum since 2024.

Central banks increased gold purchases to the maximum since 2024.

Central banks of various countries bought 321 tons of gold in the third quarter of 2026. This is the highest quarterly volume since the end of 2024, according to a report by the World Gold Council (WGC).

The biggest buyers were China (63 tons) and Poland (41 tons). Russia was the only big seller: during the quarter it reduced gold reserves by 19 tons. In January-September, central banks purchased a total of 675 tons of gold - 6% more than in the same period last year.

Low gold prices during the quarter likely prompted some regulators to step up purchases, according to WGC chief market strategist John Reed. In addition, the strengthening of the dollar may make the transfer of some of the reserves to gold more attractive for central banks that expect the weakening of the American currency.

At the same time, gold has remained under pressure since late February. Rising energy prices fueled expectations for tighter monetary policy, which has traditionally curbed demand for the non-interest-bearing metal. In October, gold fell by 6.87% to $3,898.9 per ounce. This is the strongest monthly decline since 2008.

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