Prices Still High: Countries Keen on Hoarding Central Bank Gold
Global gold prices have held steady on a positive trajectory throughout this week. The weakening of the US dollar and investors’ caution regarding the fragile US-Iran ceasefire have kept interest in safe-haven assets intact. According to Refinitiv, gold closed trading on Friday (10/4/2026) at US$4,747.49 per troy ounce. Although it fell 0.34% daily, gold rose 1.54% point-to-point over the week.
The rise in gold prices coincides with continued activity by central banks worldwide in the precious metals market. However, purchasing patterns are beginning to shift. The World Gold Council’s April 2026 release, covering positions up to February 2026 for most countries, shows some nations steadily increasing reserves while others start reducing holdings.
Poland has been the largest buyer this year, adding 20.2 tonnes year-to-date. This purchase has boosted Poland’s total gold reserves to 570.4 tonnes, the 13th largest in the world. In recent years, Warsaw has consistently raised its gold allocation amid security risks in Eastern Europe and global economic turbulence.
Uzbekistan followed with an addition of 7.8 tonnes, bringing its total reserves to 406.8 tonnes. Kazakhstan added 7.7 tonnes, reaching 347.6 tonnes. Both countries have substantial domestic gold production, allowing local supply to provide more room for reserve building without heavy reliance on international markets.
Asia remains active as well. Malaysia purchased 1.6 tonnes, now holding 43.9 tonnes of gold. China added 0.9 tonnes, increasing its total reserves to 2,308.5 tonnes, the seventh largest in the world. Although the pace of purchases has slowed compared to previous periods, Beijing’s moves are still closely watched by markets as China is a major player in global official demand.
On the selling side, Turkey recorded the largest decline of 8.1 tonnes. Nonetheless, the country’s total gold reserves remain high at 595 tonnes, the 12th largest in the world. Under the World Gold Council’s methodology, Turkey’s figures reflect official gold reserves after deducting gold tied to banking sector schemes, swaps, deposits, and other instruments.
Russia also reduced its holdings by 6.2 tonnes early this year. Its total gold reserves still stand at 2,311 tonnes, the sixth largest in the world. This positions Russia just above China. Despite the reduction, Moscow remains one of the world’s largest gold holders, resulting from over a decade of long-term accumulation.
Indonesia has not seen significant changes in 2026. The country’s total gold reserves are at 87 tonnes, ranking 44th in the world. This figure is still below Thailand’s 234.5 tonnes and Singapore’s 193.8 tonnes. Gold’s share of Indonesia’s total foreign exchange reserves is around 9.6%, far lower than that of countries aggressively stockpiling gold.
The United States remains the world’s largest gold holder with 8,133.5 tonnes. Germany is in second place with 3,350.3 tonnes, followed by the IMF with 2,814 tonnes, Italy with 2,451.8 tonnes, and France with 2,437 tonnes. Western countries continue to dominate the list of largest gold holders due to accumulations from the era of the old monetary system.
For the market, this combination of data is significant. Buying flows from Poland and Central Asia continue to support demand. Sales from Turkey and Russia add to supply. Meanwhile, the concentration of total ownership in major countries makes gold price direction highly sensitive to decisions by a handful of key central banks worldwide.