Central banks add another record quarter of gold reserves

Central banks purchased another record volume of gold last quarter, according to preliminary reserve data compiled from IMF and national sources. The pace marks a fourth consecutive year of structurally elevated official-sector demand — a regime shift that began after the 2022 freezing of Russian FX reserves.

Who is buying

Emerging-market reserve managers continue to dominate. China, Poland, Turkey, India, and Singapore have led reported additions, while a long tail of smaller central banks have quietly increased allocations from low single-digit percentages toward the historical global average.

Why it matters for the price

Central bank demand is price-insensitive and long-duration. Unlike ETF flows, which can reverse in weeks, official-sector holdings tend to accumulate for decades. This changes the marginal buyer profile and, structurally, raises the floor beneath the market.

What to watch next

• Q3 IMF IFS data for confirmation of the trend
• Any signal from the PBOC on the pace of monthly additions
• Reserve composition disclosures from Gulf sovereigns

The takeaway for private investors: you are increasingly on the same side of the trade as the largest, most patient buyers in the world.