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    Central banks’ gold buying momentum into 2026: supply and project signals for miners

    March 24, 2026|

    Reviewed by Tom Sullivan

    Central banks’ gold buying momentum into 2026: supply and project signals for miners

    First reported on MINING.com

    30 Second Briefing

    Central banks are on track to buy roughly 850 tonnes of gold in 2026, only slightly below the 863 tonnes purchased in 2025, even after prices hit a record near $5,600/oz before sliding towards bear-market territory. China, Kazakhstan, Poland and Brazil remain key buyers, with Indonesia and Malaysia re-entering the market after long absences, while the US still holds over 8,100 tonnes and Germany about 3,350 tonnes in reserves. Analysts warn that the Middle East war and elevated oil prices could force some states to sell bullion to support foreign exchange reserves, injecting further price volatility.

    Technical Brief

    • World Gold Council data confirms official-sector demand remained “resilient” through the first months of 2026.
    • Italy and France each hold roughly 2,400–2,450 tonnes, ranking behind the US and Germany in reserves.
    • Russia and China have individually built gold holdings above 2,300 tonnes, joining the second tier of reserve giants.

    Our Take

    With the World Gold Council projecting 850 tonnes of central bank buying in 2026, its recent “Gold as a Service” initiative (covered 19 March 2026) signals a push to modernise how bullion is held and traded, which could further entrench gold’s role as a reserve asset relative to currencies in Asia and Europe.

    Poland’s addition of more than 80 tonnes of gold in 2025 aligns with the pattern in our database of emerging European reserve managers reallocating from US Treasuries into bullion, particularly since gold overtook Treasuries as the largest foreign reserve asset in early 2026.

    The $72.5M sale of Liberty Gold’s Goldstrike project in Utah to Heliostar Metals suggests juniors are monetising US gold assets into a market where official-sector demand is structurally strong, while majors such as BHP appear more focused on long-life fertiliser exposure like the Jansen potash project amid 2–3% annual potash demand growth.

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    Prepared by collating external sources, AI-assisted tools, and Geomechanics.io’s proprietary mining database, then reviewed for technical accuracy & edited by our geotechnical team.

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