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Commodities•29 June 2026•

1 min read

Central banks keep buying gold but SocGen sees slower pace ahead

Key Facts

1Gold reached an all-time high of $5,600 an ounce driven by central bank demand.

2The latest World Gold Council survey points to continued buying from the official sector.

3Societe Generale expects a more measured pace of central bank gold purchases.

After gold surged to record highs driven by a central-bank buying spree, new estimates point to a potential slowdown in the pace of those purchases. According to the World Gold Council, its latest survey showed continued buying intention from the official sector. Gold reached an all-time high of $5,600 an ounce, per Kitco data, fueled by this institutional demand. However, Societe Generale reportedly expects a more measured pace of official purchases in the coming period.

The forecast comes as strong central-bank demand, particularly from emerging markets, remains a key support for gold prices. In the first quarter of 2026, the People's Bank of China and Poland's central bank continued to add to their gold reserves, according to IMF data. Despite the expected slowdown, analysts believe continued official buying limits any significant downside, especially amid geopolitical uncertainty.

At the close on June 29, 2026, spot gold was trading at around $5,520 per ounce, per market data, roughly 1.4% below its all-time high. Looking ahead, markets are awaiting major central-bank interest-rate decisions, which could impact gold's appeal as a safe haven. Investors will also focus on upcoming US inflation data and its effect on Fed rate expectations.