Central Banks’ Gold Buying in 2026: Record Q2 Rebound, Asian Hubs Compete and Africa Builds Its Own Refineries

By: GOLD MINERS CLUB DATE: 11-10-2026

Central banks bought a record 289 tonnes in Q2, lifting H1 demand to 345 tonnes, with Poland and China in the lead. Hong Kong, Singapore and Dubai are competing to handle the gold, while African producers are building refineries to keep more of it at home.

The headline numbers:

Central bank net gold demand reached 289 tonnes in Q2, a fivefold increase on Q1’s revised estimate of 57 tonnes and a record for a second quarter. That was a 62% rise on the same period of 2025 (177.9 tonnes). Some outlets cited 74% instead, so check the base year before quoting it.

The first half was weaker. H1 net demand of 345 tonnes was the lowest in the first half since 2022 (241 tonnes). The WGC still described central bank sentiment toward gold as exceptionally strong.

Two different measures:

• WGC net demand (345t in H1) is the WGC’s estimate, and it includes buying that central banks have not yet disclosed. Unreported buying is the residual between estimated demand and reported purchases. It also reflects revisions to Q1, including a reclassification from central banks to OTC.
• Reported purchases (about 130t through July) count only what central banks have publicly disclosed. That compares with approximately 160 tonnes in the same period last year.

Who is buying:

Poland is the dominant buyer. The National Bank of Poland added 51 tonnes in Q2, taking its reserves to 632 tonnes by end-June. Its year-to-date total reached 90 tonnes by the end of July, as it works toward a 700-tonne target. The picture is not uniform: Bloomberg reported in March that the Polish central bank chief was weighing gold sales to fund defense.

China has accelerated. The People’s Bank of China added 33 tonnes in Q2, its largest quarterly addition since Q4 2023. July was its 21st consecutive month of buying, with 60 tonnes added so far in 2026, second only to Poland. In August the PBoC added 20.2 tonnes, its largest monthly purchase since October 2023, according to Kitco.

Others: Uzbekistan is at 40 tonnes year-to-date. Q2 also saw purchases from Kazakhstan (+15t), Jordan (6t) and the Czech National Bank (+6t).

The sellers:

• Russia was the largest seller in Q2, reducing holdings by 22 tonnes. Its 2026 sales total 50 tonnes, lowering holdings to 2,277 tonnes.
• Turkey’s sales stand at 85 tonnes so far this year.

Buying into a price drop:

The Q2 record came as gold fell. Central banks bought into a 16% quarterly price decline. The average Q2 price was $4,506 an ounce. Gold had surged to a record $5,500 an ounce earlier in the year and was down about 7% on the year by early July.

The gold hubs: Hong Kong, Singapore and Dubai:

Central banks mostly do not buy on these exchanges. The WGC notes that the OTC market remains the dominant way central banks accumulate gold. One analysis also stresses that central bank purchases do not run through the commercial import channels tracked by Hong Kong trade statistics. The hub figures below measure physical flows and market infrastructure, not official-sector purchases, and shouldn’t be added to the central bank totals.

Hong Kong:

Hong Kong has the most concrete 2026 data.

• Imports hit a decade high. Gross monthly gold imports reached 150.48 tonnes in June, a 29% month-on-month surge and the first time above 150 tonnes in over a decade. Imports then fell about 18% in July to around 107 tonnes, worth HK$114.71 billion (US$14.63 billion).
• Banks stocked up for the clearing system. The June surge was linked to banks building inventory ahead of the trial launch of the city’s gold clearing and settlement system on July 7. Hong Kong also revived dollar gold futures trading and is looking at yuan-denominated gold futures.
• Flows into China were large but uneven. China’s net gold imports via Hong Kong were 50.679 tonnes in June, versus 53.674 tonnes in May and 19.366 tonnes in June 2025. April’s figure was 86.715 tonnes. Analyst Ross Norman said flows were likely inflated by the launch of new settlement and clearing contracts and are now normalising.
• The data is incomplete. The Hong Kong figures miss gold that is also imported via Shanghai and Beijing.

Singapore

Singapore has no comparable import figures, but it has the clearest policy push.

• Hub plan. On March 27, Singapore set out plans to become a gold trading hub for Asia, strengthening trading, clearing and storage.
• Central bank vaulting. The MAS will offer vaulting for foreign central banks and sovereign entities. It is looking to establish these services in October 2026.
• Clearing and futures. The Singapore Exchange will establish an OTC gold clearing system for Loco Singapore by the end of this year and is exploring a physically deliverable gold futures contract. Abaxx Exchange’s Gold Singapore Kilobar futures hit a weekly record of 54,740 contracts in March 2026.
• Banks. DBS will offer tokenised physical gold to retail customers, and OCBC will let institutional and private banking clients buy, sell and store physical gold in Singapore.
• MAS’s own buying. The MAS bought 4 tonnes in May, its first monthly net purchase since September 2025, bringing Singapore’s holdings to 197 tonnes.

Dubai:

Dubai’s 2026 figures come mainly from the trade it does with India.

• India trade surge. India’s gold imports from the UAE jumped 124.8% to $3.14 billion in April-June 2026, nearly half of the overall increase in India’s gold imports. The UAE’s share of India’s monthly gold imports climbed to 33% in June from 12.8% a year earlier. The report suggested possible trade diversion, with gold from third countries routed through the UAE.
• Scale of the hub. In 2024 the UAE’s foreign trade in precious metals reached nearly AED 625 billion (USD 170 billion), and Dubai is the second-largest physical gold trade hub after Switzerland. DMCC operates the Dubai Gold and Commodities Exchange (DGCX).
• Gold District. In January 2026 Ithra Dubai launched Dubai Gold District, which includes a planned “Gold Street”.
• Central bank buying. The Central Bank of the UAE was among the smaller Q2 buyers.

The competition:

Dubai, Hong Kong, Shanghai and Singapore are racing to become Asia’s gold hub as institutional demand shifts east. One analysis expects that Dubai will remain important for physical flows and trade finance, but is less likely to rival Hong Kong or Singapore as a financial infrastructure centre.

The role of African gold:

Africa plays three roles in this market. It is a major source of the metal, a growing group of official buyers, and the origin of a large share of the gold that passes through Dubai.

Africa as a source:

UNEP estimates that Africa holds about 40% of the world’s gold reserves. Ghana is Africa’s biggest producer and the sixth-largest in the world. Record prices and the centralisation of trade through the state exporter GoldBod lifted Ghana’s official artisanal and small-scale mining output by 63% last year, to 96 tonnes worth $15.8 billion at current prices, or 52% of the country’s total output.

African central banks as buyers:

Domestic gold purchase programs are now active in Ghana, Tanzania, Zimbabwe and Uganda. Policy signals have emerged from Kenya, Nigeria, Rwanda, Namibia and the DRC. A June 2026 global study found that more than half of central banks worldwide have domestic gold purchase programs.

• Tanzania: The program launched in September 2023 had accumulated 27.5 tonnes as of June 10, 2026, after the Bank of Tanzania had stopped adding to its reserves in 2002. Mining operators and traders must set aside 20% of production for sale to the central bank at the LBMA spot price, and one estimate values the holdings at $3.68 billion. The bank’s board has also approved a framework that includes the potential partial sale of the gold to finance infrastructure projects.
• Ghana: In May, Ghana asked large-scale miners to sell 30% of annual output to the central bank, up from 20%, though miners say key commercial terms remain unresolved. Reserves were 19.2 tonnes in February, per Bank of Ghana data. One other source puts them at about 37 tonnes, so treat the figure with caution. The program has a cost: the central bank posted an operating loss of about GHS15.6 billion ($1.37 billion) in 2025, driven partly by the gold purchase programme. Parliament adopted the Ghana Gold Reserve Act Program (GANRAP) in February 2026, treating large-scale mine gold and artisanal gold differently. The WGC listed the Bank of Ghana among the smaller Q2 buyers.

In tonnage terms, African buying is small next to Poland’s 90 tonnes through July. The programs also draw on local production paid for in local currency, rather than hard-currency reserves, and these purchases may not appear fully in IMF-reported data.

The Dubai connection:

This is where Africa links back to the hubs above.

• Volumes. The UAE imported 748 tonnes of gold from African countries in 2024, up 18% year-on-year, according to SWISSAID. Togo (52t), Uganda (31t) and Rwanda (19t) were among the top exporters to Dubai despite limited domestic production.
• Ghana’s dependence. Dubai normally refines around 80% of Ghana’s artisanal output. In March, with Dubai flights disrupted by the Iran conflict, GoldBod prepared to shift cargoes to alternative refining hubs, according to Reuters.
• Smuggling. SWISSAID estimates that 321-474 tonnes of African artisanal gold goes undeclared each year, worth $24-35 billion. It estimated that 66.5% (405 tonnes) of the gold the UAE imported from Africa in 2022 was smuggled out of African countries. Authorities in Ghana and the UAE have made efforts to curb these flows.
• Sudan. Finance Minister Gibril Ibrahim said Sudan produced about 70 tonnes in 2025, while the central bank reported exports of 14.7 tonnes worth $1.536 billion. Technical estimates suggest that between 48% and 60% of production is smuggled through informal channels. The SWISSAID report linked part of Sudan’s exports to networks tied to armed groups.

The effects of Africa’s new gold refineries:

African producers are building and commissioning refineries to capture more value, improve traceability and reduce dependence on Dubai. A 2026 assessment found operating refineries in Tanzania, Zambia, Uganda, Rwanda, Zimbabwe, Kenya and Sudan, with projects under development in Ethiopia and Mali. Ghana has the most reported refineries in Africa, with five.

What has opened or is coming:

• Ghana: GoldBod began refining artisanal gold at Gold Coast Refinery in February, under an agreement to supply up to one tonne of doré a week. Unrefined doré is no longer eligible for export approval under the new regime.
• Burkina Faso: It opened its first refinery, Raffinor-BF, in Ouagadougou on September 28. The state-controlled plant cost $19 million and can initially refine 164 tonnes a year, with a second phase planned to lift capacity to 515 tonnes. Burkina Faso produced 94 tonnes last year.
• Guinea: It banned raw gold exports in June and planned to commission its first refinery in July.
• Mali: Its 200-tonne refinery, 62% state-owned with Russia’s Yadran Group, is still being built, with construction expected to take two years from June 2025. Only 5% of Mali’s 51 tonnes mined in 2024 was processed locally.
• Ivory Coast: It plans to open one in the first half of next year.

The likely effects:

1. Less refining in Dubai over time. Dubai refines most of Ghana’s artisanal gold, so domestic refining and the export ban on unrefined gold cut directly into that business. The effect is not yet visible in the data. Dubai’s trade with India surged in Q2, and Dubai’s role in refining African gold may take years to erode.
2. Johannesburg and London gain first. Rand Refinery is the only LBMA-accredited refiner on the continent. GoldBod says the doré bought under the Gold Coast arrangement will be refined locally, then shipped to an LBMA refinery for melting and stamping, before being delivered to the Bank of Ghana as part of its reserves. Rand also signed a partnership with Gold Coast Refinery in January to support local refining of artisanal gold. Ghana moved to LBMA-window pricing on July 1, and the agency aims to get at least one domestic refinery LBMA-accredited by 2030.
3. Easier central bank buying. Refineries are becoming part of the reserve-building chain. Tanzania designated Sabgold’s Kahama refinery as a collection and refining centre for central bank purchases on May 29. If more gold is refined and certified at home, more can enter official reserves, which could raise reported African central bank demand over time.
4. Traceability and official figures. Refining bottlenecks and smuggling are linked: West Africa has lacked functional certified refineries, and billions have been lost through smuggling. If refineries pull artisanal gold into official channels, recorded production and exports could rise without any physical increase, as Ghana’s 63% jump in official artisanal output suggests. This is my inference from the reporting, not a measured result yet.
5. Capacity ahead of supply. Planned capacity far exceeds output. Burkina Faso’s 164 tonnes compares with 94 tonnes of production, and Mali’s 200 tonnes is nearly four times its annual output. The operators say the plants will serve as regional centres for neighbouring countries. Competition for feedstock is a risk, and so is investor nervousness over mining codes in Mali, Guinea, Niger and Burkina Faso.
6. Costs. Ghana’s central bank said offtake discounts and a proposed discount of under 1% on industrial gold purchases are necessary to cover refining, freight and purity costs. These costs add to the central bank’s balance sheet pressure.

What comes next:

The WGC’s 2026 Central Bank Gold Reserves Survey shows 89% of reserve managers expect global gold holdings to rise over the next 12 months. Full-year totals are not yet known. The WGC’s Q3 figures are due in late October. With 345 tonnes in H1 and China’s recent acceleration, 2026 looks likely to land below the peak years but above the pre-2022 norm. Revisions are likely, as the Q1 reclassification showed.

News references:

Central bank purchases and sales

1. World Gold Council, “Central Banks – Gold Demand Trends: Q2 2026” (Jul 30, 2026). https://www.gold.org/goldhub/research/gold-demand-trends/gold-demand-trends-q2-2026/central-banks
2. World Gold Council, “Central Banks – Gold Demand Trends: Q1 2026” (Apr 29, 2026). https://www.gold.org/goldhub/research/gold-demand-trends/gold-demand-trends-q1-2026/central-banks
3. World Gold Council, “Central bank gold statistics: Central banks remain committed to gold” (Jul 2, 2026). https://www.gold.org/goldhub/gold-focus/2026/07/central-bank-gold-statistics-central-banks-remain-committed-gold
4. World Gold Council, “Central bank gold statistics: June 2026” (Aug 2026). https://www.gold.org/goldhub/gold-focus/2026/08/central-bank-gold-statistics-june-2026
5. World Gold Council, “Central bank gold statistics: Central banks make positive headlines for gold” (Sep 2026). https://gold.org/goldhub/gold-focus/2026/09/central-bank-gold-statistics-central-banks-make-positive-headlines-gold
6. Kitco, “Central banks add 23 net tonnes of gold in July with China and Poland leading purchases – World Gold Council” (Sep 3, 2026). https://www.kitco.com/news/article/2026-09-03/central-banks-add-23-net-tonnes-gold-july-china-and-poland-leading
7. Kitco, “China’s central bank buys 20.2 tonnes of gold in August, largest purchase since 2023” (Sep 8, 2026). https://www.kitco.com/news/article/2026-09-08/chinas-central-bank-buys-202-tonnes-gold-august-largest-purchase-2023
8. Bitcoin.com News, “Central Bank Gold Purchases Jump 62% to 288.9 Tonnes in Q2” (Jul 31, 2026). https://news.bitcoin.com/finance/central-bank-gold-purchases-jump-62-to-288-9-tonnes-in-q2/
9. IndexBox, “Central Bank Gold Purchases Hit Record 289 Tonnes in Q2 2026: World Gold Council Report” (Jul 30, 2026). https://www.indexbox.io/blog/central-banks-bought-record-289-tonnes-of-gold-in-q2-2026-led-by-poland-and-china/
10. TFTC, “Central Banks Buy Record 289t of Gold in Q2 2026, Buying Into a 16% Price Drop” (Jul 31, 2026). https://www.tftc.io/central-bank-gold-purchases-record-289-tonnes-q2-2026
11. National Gold Group, “Central Banks Are Buying Gold At A Record Pace In 2026” (Jul 30, 2026). https://www.nationalgoldgroup.com/blog/central-banks-are-buying-gold-at-a-record-pace-in-2026/
12. Aletihad (Abu Dhabi), report dated Sep 6, 2026, source for the roughly 130-tonne reported total through July. The link in my search results was malformed, so I could not verify it.

Hong Kong, Singapore and Dubai

13. SCMP, “Trading hub ambitions see Hong Kong’s gold imports hit 11-year high in June”. https://www.scmp.com/business/banking-finance/article/3362350/trading-hub-ambitions-see-hong-kongs-gold-imports-hit-11-year-high-june
14. The Standard (Hong Kong), “China’s June net gold imports via Hong Kong up from year ago, down from May”. https://www.thestandard.com.hk/finance/article/338368/Chinas-June-net-gold-imports-via-Hong-Kong-up-from-year-ago-down-from-May
15. Discovery Alert, “China Gold Imports via Hong Kong Drop 38% in May 2026” (source for the April figure; secondary aggregator). https://discoveryalert.com.au/china-gold-imports-hong-kong-may-2026-pboc-reserves/
16. newsar.codejungle.org, article on Hong Kong’s July gold imports (aggregator, so verify against Hong Kong Census and Statistics Department data). https://newsar.codejungle.org/articles/106381
17. Asia Asset Management, “A race to be Asia’s gold hub” (Aug 31, 2026). https://www.asiaasset.com/analysis/amid-a-shift-in-demand-jurisdictions-jostle-to-become-asias-gold-hub/
18. DZRH, “Singapore sets out plans to build Asia gold trading hub”. https://www.dzrh.com.ph/post/singapore-sets-out-plans-to-build-asia-gold-trading-hub
19. FOW, “MAS expands push to make Singapore Asia-Pacific gold trading hub”. https://www.fow.com/insights/mas-expands-push-to-make-singapore-asia-pacific-gold-trading-hub
20. FOW, “Gold Singapore futures fuel Abaxx Exchange’s single-day trading record”. https://www.fow.com/insights/gold-singapore-futures-fuel-abaxx-exchanges-single-day-trading-record
21. Rajah & Tann Asia, “Singapore Charts Path as Regional Gold Trading Hub”. https://www.rajahtannasia.com/viewpoints/singapore-charts-path-as-regional-gold-trading-hub/
22. Hiru News (Gold FM), “Singapore strengthens push to become global gold hub”. https://hirunews.lk/goldfmnews/472436/singapore-strengthens-push-to-become-global-gold-hub
23. Outlook Business, “UAE Drives India’s Gold Import Surge Despite Higher Import Duty”. https://www.outlookbusiness.com/industry/uae-drives-indias-gold-import-surge-despite-higher-import-duty
24. DMCC, Business Fact Sheet: Gold and Precious Metals (July 2025). https://dmcc.ae/hubfs/July%202025%20Business%20Fact%20Sheets/Business%20Fact%20Sheet_Gold%20and%20Precious%20Metals_2025_07.pdf
25. Wikipedia, “Dubai Gold District” (background only). https://en.wikipedia.org/wiki/Dubai_Gold_District

African gold: reserves, trade and smuggling

26. CNBC Africa, “Ghana seeks to buy 30% of gold from miners to boost reserves – central bank” (May 18, 2026). https://www.cnbcafrica.com/2026/ghana-seeks-to-sell-30-of-gold-from-miners-to-boost-reserves-central-bank
27. Al Jazeera, “Who profits from Africa’s gold?” (Jun 27, 2026). https://www.aljazeera.com/economy/2026/6/27/who-profits-from-africas-gold
28. Ecofin Agency, “From Accumulation to Action: How African Central Banks Are Using Gold Reserves” (Jun 17, 2026). https://www.ecofinagency.com/news/1706-56527-from-accumulation-to-action-how-african-central-banks-are-using-gold-reserves
29. Discovery Alert, “Tanzania Central Bank Gold Purchases: Inside the DGPP Strategy” (Jul 8, 2026; secondary aggregator). https://discoveryalert.com/tanzania-central-bank-gold-purchases-dgpp-reserves-2026/
30. Discovery Alert, “How African Central Banks Are Using Gold Reserves in 2026” (Aug 24, 2026; secondary aggregator, and the source of the conflicting ~37-tonne Ghana figure). https://discoveryalert.com/african-central-banks-gold-reserves-policy-ghana-zig/
31. Engineering News (Reuters), “Ghana looks to shift artisanal gold refining amid Dubai flight disruptions, say sources” (Mar 9, 2026). https://engineeringnews.co.za/print-version/ghana-looks-to-shift-artisanal-gold-refining-amid-dubai-flight-disruptions-say-sources-2026-03-09
32. Ecofin Agency, “UAE gold imports from Africa rise 18% in 2024, says SWISSAID”. https://www.ecofinagency.com/news-industry/0611-50175-uae-gold-imports-from-africa-rise-18-in-2024-says-swissaid
33. UNN, “Tens of billions of dollars’ worth of gold illegally imported to UAE – SWISSAID report”. https://unn.ua/en/news/tens-of-billions-of-dollars–worth-of-gold-illegally-imported-to-uae-swissaid-report
34. Sudan Tribune (Sep 17, 2026). https://sudantribune.com/article/312125

New African refineries

35. BusinessDay NG, “High gold prices quicken Africa’s push for local refining” (Oct 2026; paywalled, so I used the excerpts). https://businessday.ng/africa/article/high-gold-prices-accelerate-africas-push-for-local-refining/
36. Ecofin Agency, “Why West African Gold Refineries Still Depend on a London Institution” (Jul 6, 2026). https://www.ecofinagency.com/news-industry/0607-57083-why-west-african-gold-refineries-still-depend-on-a-london-institution
37. African Leadership Magazine, “How Burkina Faso’s New Gold Refinery Could Transform Africa”. https://www.africanleadershipmagazine.co.uk/how-burkina-fasos-new-gold-refinery-could-transform-africa/
38. Miningmx (Bloomberg), “Burkina Faso joins Africa’s gold refining drive”. https://www.miningmx.com/?p=67585
39. Vanguard (Nigeria), “Full list: 10 African countries with the most gold refineries” (Sep 2026). https://www.vanguardngr.com/2026/09/full-list-10-african-countries-with-the-most-gold-refineries/
40. Kitco (Reuters), “Mali starts construction of Russia-backed gold refinery” (Jun 17, 2025). https://www.kitco.com/news/off-the-wire/2025-06-17/mali-starts-construction-russia-backed-gold-refinery
41. Financial Afrik, “Mali: Assimi Goïta lance une raffinerie d’or publique avec le russe Yadran” (Jun 17, 2025; source for the 62% state stake and 5% local processing). https://www.financialafrik.com/2025/06/17/mali-assimi-goita-lance-une-raffinerie-dor-publique-avec-le-russe-yadran/
42. Discovery Alert, “Guinea Regional Gold Refining Hub: West Africa’s New Era” (Jun 30, 2026; secondary aggregator). https://discoveryalert.com.au/guinea-gold-refining-hub-nimba-west-africa-2026/
43. Discovery Alert, “Rand Refinery Ghana Gold Partnership Revolutionises African Market” (Feb 11, 2026; secondary aggregator). https://discoveryalert.com/precious-metals-market-transformation-2026-geopolitical/