Poland Bought More Gold in February Than Every Other Central Bank Combined
Poland purchased 20 tonnes of gold in February -- nearly three-quarters of global net central bank buying. The Czech Republic extended its streak to 36 consecutive months of purchases, and China's PBOC to 16. Gold is up 43% since last April.
World Gold Council / Alpaca Markets
Poland's central bank bought 20 tonnes of gold in February 2026, accounting for nearly three-quarters of the world's net central bank gold purchases that month. The data, published April 2 by the World Gold Council, shows total net buying of 27 tonnes -- meaning every other central bank on earth combined added just 7 tonnes net.
The purchase was Poland's largest since February 2025 and lifted its reserves to 570 tonnes, now 31% of total central bank reserves. For a country spending heavily on defense -- Poland's military budget hit 4.7% of GDP in 2025, the highest in NATO -- the gold accumulation signals a parallel strategy: build the arsenal and build the reserves.
Behind the monthly numbers, the persistence is the story. The Czech Republic has now bought gold every single month for three years. China's PBOC has bought for 16 consecutive months, bringing reserves to 2,308 tonnes -- 10% of its total holdings, up from under 4% five years ago. Uzbekistan is on its fifth straight month, with gold now comprising 88% of its entire reserve portfolio.
The pace has slowed from 2025's record: 31 tonnes through February compares to 50 tonnes over the same period last year, and full-year 2025 demand reached 863 tonnes. But the direction has not changed. Central banks have been net buyers every single month.
Gold at $434
Gold has risen 43% since April 2025, from roughly $300 per ounce (using GLD as a proxy) to $434. The surge accelerated in late 2025 and peaked above $480 in early March 2026 before correcting sharply on the Iran ceasefire announcement.
The correction was brief. Gold dropped from $476 to $400 in the two weeks around the ceasefire, then recovered to $434 as the truce framed. The metal has held above $430 for the past week despite oil prices falling from $138 to $114.
Why They're Buying
The World Gold Council's 2025 Central Bank Reserve Survey found that 95% of central banks expect global gold reserves to increase over the next 12 months. A record 43% said their own reserves would grow.
The reasons are structural, not tactical. Central banks cite gold's role as a hedge against inflation, its lack of counterparty risk, and its performance during crises. But the geographic pattern says something more specific: the heaviest buyers are countries on geopolitical fault lines. Poland borders Ukraine and is NATO's most forward-deployed member. The Czech Republic is building reserves against a scenario where European security arrangements change. China is reducing dollar exposure.
Turkey was the notable seller -- not because it doesn't want gold, but because it needed liquidity. The central bank utilized approximately 50 tonnes in March through gold-currency swaps to manage foreign exchange pressure, a pattern it has repeated during previous periods of lira stress.
The 2025 Baseline
For context on where central bank demand stands historically:
Year
Central Bank Net Purchases
2022
1,082t
2023
1,037t
2024
~1,045t
2025
863t
2026 YTD (Feb)
31t
The 2022-2024 period saw record buying, driven by the post-Russia-sanctions reassessment of reserve asset risk. The 2025 total was lower but still the fourth-highest on record. The 2026 pace, if sustained, would produce roughly 186 tonnes for the year -- well below prior years, but still representing consistent net accumulation.