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None of the ten largest gold buyers from the beginning of 2022 through the second quarter of 2026 are G7 countries. At the same time, gold’s share of central bank reserves outside the US is rising again after several decades of decline, while the market value of official gold reserves has, according to the data presented, already surpassed the value of foreign holdings of US Treasury securities.

The data point to a notable shift in the composition of central bank reserves. Poland and China purchased the most gold between the first quarter of 2022 and the second quarter of 2026, while countries outside the traditional Western financial core dominate the list of largest buyers.
At the same time, gold’s share of central bank reserves outside the US is also increasing—from around 10% in 2015 to approximately a quarter today.

Poland and China Lead the Largest Gold Buyers

According to World Gold Council data, Poland ranks first with 404 tonnes among the ten largest gold buyers from the beginning of 2022 through the second quarter of 2026, closely followed by China with 398 tonnes.

They are followed by India with 120 tonnes, Türkiye with 100 tonnes and Uzbekistan with 94 tonnes. The top ten also include Iraq, Azerbaijan’s sovereign wealth fund SOFAZ, Czechia, Qatar and Singapore. None of these countries is a member of the G7.

The data point to a broader trend of increasing gold allocations in the reserves of countries outside the traditional Western financial core. Factors behind this include reserve diversification, reduced dependence on the US dollar, and protection against geopolitical and monetary risks.

More information on central bank purchases is available in the World Gold Council report Gold Demand Trends Q2 2026 – Central Banks.

Gold’s Share of Reserves Has More Than Doubled Since 2015

It is not only the amount of gold purchased by individual central banks that is changing, but also its weight within their reserves.

According to data from the World Gold Council and IMF, gold accounted for approximately 10% of central bank reserves outside the US around 2015. Today, its share has reached approximately a quarter.

This marks a reversal following several decades of declining gold allocations, with growth becoming more pronounced in recent years. Central banks are once again increasing gold’s importance as a means of diversification, reducing currency risk, and providing protection against geopolitical and monetary uncertainty.

Gold Reserves Surpass US Treasuries by Market Value

Another comparison illustrates the scale of the shift.

According to the presented IMF and US Treasury data, the market value of official central bank gold reserves has risen to approximately USD 4.7 trillion, while their foreign holdings of US Treasury securities stand at around USD 3.7 trillion.

By market value, gold has therefore overtaken US Treasury securities in this comparison as one of the key reserve assets held by central banks.

Interest in Gold Is Also Growing Among Chinese Investors

The shifts are not limited to central banks. Chinese gold ETFs also increased their holdings by 11 tonnes in August, bringing total holdings to 293 tonnes—the third-highest level on record.

Since the beginning of the year, Chinese ETFs have purchased approximately 45 tonnes of gold, with demand continuing into early September.

The World Gold Council provides a more detailed overview of developments in the Chinese market in its analysis China gold market update: Official buying accelerated in August.

The data therefore indicate that gold’s role is changing on several levels—from the composition of national reserves to investor demand in one of the world’s largest gold markets.

Sources: World Gold Council; International Monetary Fund (IMF); U.S. Treasury; Financial Times; Incrementum AG; Rand Group Research.

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