Global Central Banks Stop Buying Gold, Russia Sells Reserves: What's Happening?
Jakarta, CNBC Indonesia - Global central banks’ gold purchase activity continued into early 2026, though the pace began to slow.
The World Gold Council notes that net purchases by global central banks in January totalled around 5 tonnes. This figure is far lower than the 2025 monthly average of about 27 tonnes.
According to the World Gold Council report, the slower pace of purchases at the start of the year relates to gold price volatility and seasonal factors after the year-end holiday period. Nevertheless, geopolitical uncertainty remains a backdrop encouraging central banks to maintain gold holdings in foreign exchange reserves.
On a country basis, Uzbekistan emerged as the largest buyer in January with an addition of around 9 tonnes. This continues the accumulation trend that has been ongoing since October last year. Uzbekistan’s total gold reserves now stand at around 399 tonnes, with the share of gold in foreign exchange reserves rising sharply in recent years.
Malaysia also re-enters the list of buyers after a long absence. Bank Negara Malaysia added around 3 tonnes of gold in January, the first purchase since 2018. The country’s gold reserves are now in the region of 42 tonnes, or around 5% of total forex reserves.
Apart from these two countries, several other central banks likewise increased their gold holdings. The Czech Republic and Indonesia each added around 2 tonnes. China and Serbia were recorded buying around 1 tonne. This activity shows a growing diversity of central bank gold buyers in the early year.
On the other hand, several countries sold reserves.
Bank of Russia was the largest seller in January, with sales of around 9 tonnes. Bulgaria also sold around 2 tonnes of gold as part of the process of integrating reserve holdings into the European Central Bank system after that country officially adopted the euro in early 2026. Kazakhstan and the Kyrgyz Republic each reduced reserves by around 1 tonne.
Another development comes from South Korea. The Bank of Korea plans to include physical gold ETFs listed on overseas exchanges into its foreign exchange reserves in Q1-2026.
This instrument is chosen for its liquidity and ease of transaction compared with direct physical gold purchases. Currently the Bank of Korea holds about 104 tonnes of gold, or around 4% of total forex reserves.
The World Gold Council sees the emergence of new names in the buyers’ list as potentially becoming a more visible pattern in 2026. In recent years, increases in central bank gold holdings have often been linked to countries strengthening reserve positions amid changes in the global economic and geopolitical landscape.
CNBC Indonesia Research
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