Gold hoarding by central banks picks pace in February, but Russia remains big seller

Gold hoarding by central banks picked up in February, led by aggressive buying from Poland and a widening base of emerging market buyers, even as Russia emerged as one of the biggest sellers so far this year, according to data from the World Gold Council.

Global central banks bought a net 19 tonnes of gold in February, rebounding from a lull in January but still below the 2025 monthly average of 26 tonnes. So far in 2026, they have added 25 tonnes, only half the 50 tonnes accumulated in the same period last year, suggesting that central banks may be prudently price sensitive in their accumulation.

The National Bank of Poland was the standout buyer in February, adding 20 tonnes and driving much of the month’s activity. This lifted its gold reserves to 570 tonnes, taking gold’s share to 31% of total reserves, as the bank works towards a stated target of 700 tonnes set by Governor Adam Glapiński. In a notable twist, Glapiński has even floated the idea of temporarily selling some gold to raise about “US$13bn” to finance defence spending, with the intention to “generate profits and to then buy it back,” although details remain unclear, according to a WGC report.



Uzbekistan continued its sustained hoarding, marking a fifth consecutive month of net buying with an 8-tonne addition that took its gold reserves to 407 tonnes, or a striking 88% of total reserves. Bank Negara Malaysia added 2 tonnes in its second straight month of purchases, bringing year-to-date buying to 5 tonnes, while the Czech National Bank’s steady accumulation has now reached its 36th consecutive month, taking holdings to 75 tonnes, or 7% of its reserves.

The People’s Bank of China extended its own buying streak to a 16th consecutive month, with gold reserves rising to 2,308 tonnes, equivalent to 10% of total reserves.

Against this backdrop of renewed hoarding, Russia has swung to the selling side. The report shows that Russia and Turkey saw the biggest declines in gold reserves in February, with Russia offloading 6 tonnes in the month. On a year-to-date basis, a chart of central bank activity places the Russian Federation visibly in the net sales column, underlining its status as one of the largest official sector sellers so far in 2026.

Turkey’s 8-tonne decline in February appears linked mainly to changes in Treasury holdings rather than pure central bank reserve sales, based on World Gold Council calculations. However, in March, the Turkish central bank became “highly active,” with estimates suggesting it deployed around 50 tonnes of its gold reserves “for liquidity purposes and FX operations.”

Governor Fatih Karahan stressed that “a significant part of these transactions are like gold-currency swap futures. In other words, when it matures, the gold in question will return to our reserves.”

A growing number of African central banks are also turning to gold as a strategic hedge. The Bank of Uganda launched a domestic gold buying programme two years ago, with active purchases beginning in March 2026; it aims to buy at least 100 kg of gold between March and June from artisanal, medium and large-scale domestic producers.

The move is “aimed to bolster reserves and cushion the economy from risks in international financial markets,” signalling a shift towards using gold as a buffer against external shocks.

Kenya’s central bank is moving in a similar direction. Governor Kamau Thugge signalled similar intentions at a news conference in early February, which the World Gold Council says alludes to a broader trend of African central banks turning to gold as a strategic diversification tool.

While the early-2026 pace of central bank gold accumulation is slower than last year, the pattern of hoarding appears entrenched. February “seems to indicate a rebound in central bank buying after a quiet January, highlighting commitment to gold’s role in reserves,” the report concludes.

Poland’s heavy buying, alongside persistent streaks from the Czech Republic, China and Uzbekistan and the arrival of new Southeast Asian and African buyers, “suggest that the emerging market story continues” even as Russia stands out as a notable seller in the official gold market.