Central banks worldwide added 340 metric tons of gold to their reserves during the first quarter of 2026, according to the World Gold Council's Q1 Trends report released Friday — a record figure that surpassed the previous quarterly high of 290 tons set in Q3 2024. Total official-sector gold holdings now exceed 38,400 metric tons globally, valued at approximately $4.1 trillion at quarter-end prices, the largest aggregate central-bank position in modern history.
The buying was led by emerging-market central banks. Turkey added 47 tons, China 38 tons, India 31 tons, Poland 28 tons, and Saudi Arabia 22 tons. Reserve managers in 31 of the 67 surveyed countries reported net purchases — the highest participation rate since the survey began in 1971. The People's Bank of China resumed disclosed buying after a six-month pause that had been widely interpreted as price-sensitive accumulation through the Shanghai Gold Exchange.
De-dollarization Theme Persists
World Gold Council senior strategist John Reade told reporters that "central bank gold buying remains a structural rather than tactical phenomenon — driven by long-term diversification away from U.S. dollar assets following the post-2022 sanctions architecture." The U.S. dollar's share of global central-bank reserves fell to 56.7% at the end of Q1 — its lowest reading since 1995 — while gold's share rose to 19.4%.
Gold prices peaked at $3,338 per ounce on April 16 before declining roughly 4% to close Friday at $3,201. The pullback reflects unwinding safe-haven positions following the Iran ceasefire progress. UBS analyst Joni Teves noted that "while the geopolitical premium is fading, the structural central-bank bid remains intact and provides a durable floor at approximately $2,950."
Mining Stocks Mixed
Gold-mining equities have lagged the underlying commodity in recent sessions as investors rotate to risk-on sectors. The VanEck Gold Miners ETF (GDX) fell 5.4% on the week, while the junior miners ETF (GDXJ) declined 7.2%. Newmont Mining (NEM