Central Banks Net Buy 23 Tonnes of Gold in July Led by China

Key Facts

1Global central banks purchased a net 23 tonnes of gold in July 2026 according to the World Gold Council.

2China was the largest buyer with 20 tonnes, while Russia was the top net seller with 6 tonnes.

3Year-to-date central bank gold purchases reached 130 tonnes, down from 160 tonnes in the same period of 2025.

As monetary institutions seek to diversify reserves away from the US dollar, World Gold Council data shows global central banks purchased a net 23 tonnes of gold in July 2026. The People's Bank of China led the buying activity by adding 20 tonnes, while Russia emerged as the top net seller with 6 tonnes during the same month. These moves reflect sustained sovereign demand for the precious metal as a safe haven and liquidity tool amid global uncertainty.

According to reports, year-to-date central bank gold purchases reached 130 tonnes, a decrease from the 160 tonnes recorded during the same period in 2025. This data comes at a time when World Gold Council surveys indicate that 74% of respondents foresee a decline in US dollar holdings within global reserves over the next five years, reinforcing the shift toward gold, which currently accounts for approximately 20% of all historically mined gold.

Looking ahead, while authoritative price data is currently unavailable, continued Chinese purchasing provides a fundamental floor for price levels. Investors are monitoring upcoming economic catalysts, including the Eurozone CPI and Italian inflation rates, which may provide signals regarding future monetary policies and their subsequent impact on gold's attractiveness as a non-yielding asset.