As the World Grows Anxious: Poland Hoards Gold, Russia Sells Off

Global central banks are showing increasingly fragmented policy directions throughout 2026. On one side, several countries are aggressively adding to gold reserves as a hedge amid geopolitical uncertainties. On the other side, some nations are selling gold to maintain fiscal stability and domestic currency strength. The latest data up to the end of February from the World Gold Council shows Poland as the largest gold buyer this year, while Russia and Turkey rank among the top sellers. Poland Leads Gold Hoarding Action, Emerging Countries Follow Suit Poland recorded the largest global gold purchase in 2026, adding more than 20 tonnes. This step is part of a long-term strategy to increase reserves to 700 tonnes, in line with rising security concerns in Eastern Europe. Not only Poland, but the trend of gold accumulation is also strong in emerging countries, particularly in Central Asia. Uzbekistan and Kazakhstan each added 16.48 tonnes and 6.51 tonnes, showing consistency in strengthening gold-based foreign exchange reserves. This phenomenon is inseparable from the changing global landscape following the freezing of around US$300 billion in Russian central bank assets in 2022. Since then, many countries have begun reducing reliance on the US dollar and shifting to gold as an asset free from foreign jurisdiction. On the other hand, Russia and Turkey recorded the largest gold sales throughout 2026. Russia released around 15.55 tonnes of gold, while Turkey sold about 8.08 tonnes. Russia’s gold sales reflect increasing fiscal pressures, particularly due to high war spending and the ongoing burden of economic sanctions on the state budget. Meanwhile, Turkey sold gold as part of domestic policy to maintain exchange rate stability for the lira and manage domestic gold demand.