China · Nation Thailand
Emerging markets drive global central bank gold buying in May
Compiled by KHAO Editorial — aggregated from 2 outlets. See llms.txt for citation guidance.
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Global central banks returned to net gold buying in May, lifting official reserves by 41 tonnes as demand remained concentrated among emerging-market buyers, led by Poland and China.
Key facts
- The ninth edition of the Central Bank Gold Reserves Survey 2026 found that 89% of central banks expect global gold reserves to rise over the next 12 months, while a record 45% expect their own institutions to increase gold holdings over
- According to Thansettakij, which cited World Gold Council data, central banks moved back into buying mode during the month, with stronger reported activity from a familiar group of reserve managers.
- Gold now accounts for 9% of China’s total reserves, equivalent to around 2,331 tonnes.
- Gold now represents 87% of Uzbekistan’s total reserves.
- The country now holds 361 tonnes of official gold reserves, or 78% of total reserves.
- South Korea currently holds 104 tonnes of gold reserves, accounting for around 3% of its total reserves, a relatively low level compared with several other emerging-market economies.
Summary
According to Thansettakij, which cited World Gold Council data, central banks moved back into buying mode during the month, with stronger reported activity from a familiar group of reserve managers.
Poland added 18 tonnes of gold in May, followed by China with 10 tonnes. Uzbekistan and Kazakhstan also continued their recent monthly net purchases, while Singapore returned to the buyer list with a net purchase of 4 tonnes, its first monthly increase since September 2025.