Central Bank Gold Buying Slows Sharply in January 2026
Gold | 2026-03-04 09:31:07 | By Paul Ploumis
The Central Bank of Uzbekistan led monthly purchases, adding 9 tonnes and extending its buying streak that began in October.
SEATTLE (Scrap Monster): Global central bank gold buying slowed sharply in January 2026, with net purchases totaling just 5 tonnes, significantly below the 27-tonne monthly average recorded in 2025, according to data released by the World Gold Council. Despite the moderation in overall volumes, selective accumulation by key emerging market central banks remained evident.
The Central Bank of Uzbekistan led monthly purchases, adding 9 tonnes and extending its buying streak that began in October. The move lifted Uzbekistan’s gold reserves to 399 tonnes, with gold now accounting for 86% of its total reserves, up sharply from 57% in 2020. Meanwhile, Bank Negara Malaysia re-entered the gold market with a 3-tonne purchase — its first increase since 2018 — bringing reserves to 42 tonnes, or 5% of total holdings.
Additional buyers included the People's Bank of China, which marked its 15th consecutive month of gold accumulation, reinforcing broader reserve diversification trends. On the selling side, the Bank of Russia offloaded 9 tonnes.
Analysts note that geopolitical tensions and shifting global power dynamics continue to shape central bank demand for gold in 2026.
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