LONDON, May 5, 2026 – Global central banks officially became net sellers of gold during the month of March 2026. This information comes from new data released by the World Gold Council on May 5, 2026. According to the reports, central banks around the world offloaded a combined total of 30 tonnes of gold over the course of the month. This marks a notable shift in their behavior from the previous month. In February, global central banks as a group acted as net buyers and purchased a total of 19 tonnes.
Marissa Salim, the Senior Research Lead for the APAC region at the World Gold Council, provided specific details on the countries driving this change. She explained that the net outflows recorded in March were primarily the result of significant gold sales by Turkey and Russia.
Turkey was the largest single seller of gold during this period. The nation reduced its official sector holdings by utilizing parts of its gold reserves specifically for foreign exchange and liquidity purposes. Data shows that Turkey’s official sector gold holdings fell by a total of 79 tonnes during the entire first quarter of 2026. The reports note that the bulk of these 79 tonnes were sold off during the month of March. Alongside these direct sales, Turkey also utilized an additional 80 tonnes of gold through gold swaps.
Russia was the other major nation that participated in selling its gold reserves during the month of March. Reporting on the exact volume of Russia's sales varies between news organizations. Kitco News reported that Russia sold 16 tonnes of gold in March. Meanwhile, The Financial Express reported that Russia sold a smaller amount of 6 tonnes. Beyond Turkey and Russia, the State Oil Fund of Azerbaijan also reported a reduction in its gold holdings. First quarter data from the fund revealed net sales of 22 tonnes.
Despite the net outflows of 30 tonnes for the month overall, several nations continued their steady accumulation of gold reserves. The National Bank of Poland led the group of buyers in March. The Polish central bank added 11 tonnes of gold to its reserves. The Central Bank of Uzbekistan followed by purchasing 9 tonnes. The National Bank of Kazakhstan also added to its reserves, buying 6 tonnes in March.
China purchased 5 tonnes of gold during March. This specific purchase extends the country's consecutive monthly buying streak to 17 months. Two other countries, Guatemala and the Czech Republic, also recorded purchases. Each of these nations bought 2 tonnes of gold during the month.
When viewing the data for the entire first quarter of 2026, Poland remained the top overall buyer. The National Bank of Poland purchased a total of 31 tonnes across the three months. Uzbekistan followed as the second-largest buyer with 25 tonnes. Kazakhstan purchased 13 tonnes in the first quarter, and China purchased 7 tonnes. Other central banks that reported net purchases of at least one tonne during the first quarter included Malaysia, the Kyrgyz Republic, Cambodia, Indonesia, and Serbia.
Sources
- World Gold Council – https://www.gold.org/goldhub/data/monthly-central-bank-statistics (Published/Updated: May 05, 2026)
- Kitco News – https://www.kitco.com/news/article/2026-05-05/central-banks-were-net-sellers-gold-march-30-tonnes-outflows-wgc (Published/Updated: May 05, 2026)
- The Financial Express – https://www.financialexpress.com/market/gold-pulse/central-banks-sell-net-30-tonnes-of-gold-in-march-turkey-offloads-60-tonnes-poland-buys-11-tonnes/4232572/ (Published/Updated: May 05, 2026)
The Aquarian Take
If the central banks are selling gold, what are they buying?
Answer this question and we'll understand the direction of the market better. Currently... I don't know. I'll find out and answer it in a future news article.
