WGC – Central Bank Gold Statistics Momentum Eases in January While Demand Base Broadens

The report analyzes central bank gold buying activity as of January 2026.

Central banks bought a net 5 tonnes of gold in January 2026, a slowdown compared to the monthly average of 27 tonnes in 2025. The demand base for gold is broadening with new buyers such as Bank Negara Malaysia and the Bank of Korea resuming purchases. Buying was led by Central and East Asian central banks, with Eastern European banks also adding reserves. Uzbekistan was a top buyer, while Russia was the top seller. Bulgaria’s National Bank sold gold corresponding to an increase in ECB reserves as it joined the EU. Geopolitical uncertainty remains a key driver of gold demand despite some volatility. Overall momentum in gold buying eased but remains intact.