Changes in Central Bank Gold Reserves and Global Impacts

While reserve policies of central banks vary in the global gold market, Russia, Kazakhstan, and Turkey have taken steps to reduce their reserves. The Central Bank of the Republic of Turkey sold a net of 82 tons of gold in the January-August period of 2026, while Poland continues its gold purchases.

Differences in central banks' reserve policies in the global gold market are drawing attention. While Russia and Kazakhstan have taken steps to reduce their gold assets, China and Poland continue their purchases. Russia's gold reserves decreased by about 6.2 tons more in September, dropping by a total of 62 tons since the beginning of the year. Adam Stroniawski, General Manager of Mennica Skarbowa, linked Russia's sales to increased budget and defense expenditures caused by the war in Ukraine. While it was noted that the Central Bank of China could be a significant buyer in transactions taking place via Hong Kong, approximately 100 tons of Russian gold reached the region in the January-July period.

According to World Gold Council data, the Central Bank of the Republic of Turkey (CBRT) realized a net sale of 82 tons of gold in the January-August period of 2026. Having sold 1 ton of gold in July, the CBRT increased its reserves again with a net purchase of 3 tons in August, reaching official gold reserves of approximately 795 tons and 107.1 billion dollars as of the end of September. Meanwhile, Kazakhstan aims to reduce gold's share of its total reserves from 78 percent to 75 percent by the end of the year. Contrary to Russia and Kazakhstan, the National Bank of Poland, which has increased its reserves, is approaching its target of 700 tons of gold.

Stroniawski predicts that these steps by central banks will create a limited impact on global gold prices. Gold gained 25.5 percent in dollar terms in 2024 and 67.4 percent in 2025, while declining by 4.4 percent in the first nine months of 2026. The expert stated that the decisions to reduce reserves do not point to a general selling trend and that short-term declines do not mean the long-term upward trend has ended.