An Increase in Central Bank Purchases of Gold
- In Q2 2026, central banks had net purchases of 288.9 metric tons of gold. This was the highest level of net purchases since Q4 2024, at 365.1 metric tons.
- The four-quarter moving average increased to 195.0 metric tons in Q2 2026.
Global Gold Reserves
- Central banks and other global monetary authorities held 1.19 billion fine troy ounces of gold in July 2026. Global reserves of gold have increased in each month since March 2026.
- Overall, gold reserves at these official institutions have steadily increased since 2009.
The Countries Adding the Most Gold to Their Reserves
- Based on reported holdings as of 6/30/2026, Poland had the largest net purchase of gold in 2026, adding 82.2 metric tons to its reserves. This was nearly double the 41.4 metric tons of net purchases made by Uzbekistan, which had second-largest year-to-date increase.
The Largest Gold Reserves
- As of June 30, 2026, the U.S. had the largest reported gold reserve in the world. It held 8,133 metric tons of gold in reserves.
- Italy, China, and Russia each had between 2,283 metric tons and 2,452 metric tons of gold reserves. The reserves of these countries ranked second, third, and fourth, respectively.
Comparing the Gold Rallies
- We have compared the current gold rally, running from 1/4/2016 to 9/21/2026, to the rally that occurred from 1/4/1970 to 12/30/1985. The current rally has largely mirrored the past rally, but the current drawdown has led to a slight deviation.
- On 9/21/2026, gold was trading at $4,360 per troy ounce. This was approximately 19% off its all-time high of $5,417 per ounce.
Rebounding Investor Flows
- We examine fund flows into the three largest gold ETFs by assets under management: SPDR Gold Shares (GLD), iShares Gold Trust (IAU), and SPDR Gold Minishares Trust (GLDM).
- The 20-day rolling total of flows into these ETFs reached $8.21 billion on 9/2/2026, which was the highest total since gold hit its all-time high in price.
- On 9/18/2026, this total was $4.07 billion.
