Central banks around the world purchased record volumes of gold during a period of price volatility, according to data from the World Gold Council. Net purchases reached 289 tonnes in the second quarter of the year, carrying an approximate monetary value of $47.38 billion.
Poland led institutional buyers by adding 51 tonnes, while China contributed 33 tonnes during the same period. Total gold purchases for the first half of the year reached 345 tonnes, with the vast majority of the increase taking place during the second quarter as gold prices dropped roughly 14 percent from January highs, creating an accumulation window for official institutions. In contrast, Western exchange-traded fund (ETF) investors reduced their holdings during the same timeframe.
The People’s Bank of China continued its acquisitions into July by adding nearly 20 tonnes amid a price pullback. Gold had previously reached an all-time high of around $5,500 before pulling back by about 30 percent. Central banks have signaled plans to maintain their purchasing pace over the next 12 months, providing market support that coincided with a price surge in August.
The second-quarter buying volume represented a 411 percent increase from the first quarter and a 62 percent rise compared to the second quarter of 2025. The World Gold Council noted that buying among this cohort recovered sharply to lofty levels typical of the past four years following a notable first-quarter slowdown.
At the time of writing, gold is trading at $4,648 an ounce. Wall Street firm JPMorgan Chase has issued a forecast suggesting the metal could reach a price of $6,000 by the end of the year, representing a potential gain of around 29 percent.
