Central bank gold buying accelerated in February as Poland led aggressive purchases while emerging markets widened their accumulation strategy.

Central bank gold buying accelerated in February as Poland led aggressive purchases while emerging markets widened their accumulation strategy. Global central banks acquired 19 tonnes in February, rebounding from January's slowdown, though 2026 buying remains measured at half last year's pace, suggesting price sensitivity. Poland's National Bank added 20 tonnes, progressing toward its 700-tonne target, while China extended its buying streak to 16 consecutive months, reaching 2,308 tonnes. Uzbekistan continued sustained hoarding with reserves now at 88 percent of total holdings. However, Russia emerged as a significant seller, offloading 6 tonnes in February and positioning itself among the year's largest official sector sellers. Turkey also reduced reserves, deploying 50 tonnes in March for liquidity and foreign exchange operations.