How much central banks are buying
The World Gold Council compiles central bank purchases and sales from IMF data and central bank reports, and estimates unreported buying. Its figures show net buying above 1,000 tonnes in each year from 2022 to 2024, then about 863 tonnes in 2025.
In 2026, net purchases were about 244 tonnes in the first quarter, when sales by Turkey, Russia and Azerbaijan offset part of the buying, and about 289 tonnes in the second. Poland and China were among the largest buyers.
India’s gold reserves
The RBI reported 880.52 tonnes of gold at 31 March 2026, almost unchanged from 879.58 tonnes a year earlier. In May 2026 the RBI denied reports that it had sold gold.
Gold made up 16.85% of India’s foreign exchange reserves on 22 May 2026, up from 13.92% at the end of September 2025, mostly because the gold price rose. About 680 tonnes, roughly 77% of the total, were held in India in March 2026, after several transfers from vaults abroad since 2024.
Why central banks say they hold gold
Central banks surveyed by the World Gold Council give reasons such as:
- It is not anyone else’s liability, so it carries no default risk of an issuer.
- It has held value over long periods and has tended to do well in crises.
- It diversifies reserves held mostly in dollar and euro assets.
- Some cite the risk of reserves held abroad being frozen, as happened to part of Russia’s reserves in 2022.
What the data does not tell you
- Some purchases are not reported, so the totals include estimates and are revised.
- Central bank demand is only part of total gold demand, next to jewellery, bars and coins, ETFs and industry.
- Past buying does not set or predict future prices.
Frequently asked questions
- How much gold does the RBI hold?
- 880.52 tonnes at 31 March 2026, according to the RBI.
- Where can I see the latest country holdings?
- The World Gold Council publishes a monthly table of official gold reserves by country, based on IMF data.
- Is this page investment advice?
- No. It explains how prices, purity and taxes work, with sources. It does not recommend buying, selling or holding any product. See our Financial Disclaimer.
Sources
- World Gold Council: central banks, Gold Demand Trends Q2 2026
- World Gold Council: gold reserves by country
- Mining.com: central banks bought about 863 tonnes in 2025
- DT Next: RBI gold reserves at 880.52 tonnes (May 2026)
- Deccan Chronicle: RBI shifts more gold to domestic vaults
This guide explains rules and prices for general information. It is not investment, tax or legal advice. Duty and tax rules change; check the official source before you act. See our Financial Disclaimer and Corrections Policy.