Despite pressure from rising oil prices and higher interest rates, central banks set a record for the fastest rate of gold purchases since the end of 2024 in the third quarter. According to a report released by the World Gold Council on Tuesday, central banks have increased their gold holdings by a net of 321 tons in the three months ending September. Following a slowdown in purchasing in early 2026, the cumulative purchase volume so far this year has reached 675 tons, which is slightly higher than the same period last year. This data highlights that central banks are still important supporters of gold prices. The central bank's purchase of gold has driven the price of gold to rise for many years and reached a record high in January of this year. Despite the relatively lackluster overall market performance, central bank demand still provides key support for gold prices. John Reed, a senior market strategist at the World Gold Council, said that weakening gold prices this quarter may have prompted some central banks to increase their purchasing efforts. He pointed out that for central banks that are bearish on the US dollar, the strengthening of the US dollar may make them more willing to convert some of their reserve assets into gold. Among the countries that disclosed purchase data in the latest quarter, China and Poland were the biggest buyers, increasing their holdings by 63 tons and 41 tons, respectively. Russia was the only major seller, which reduced its holdings by 19 tons during this period.

Despite pressure from rising oil prices and higher interest rates, central banks set a record for the fastest rate of gold purchases since the end of 2024 in the third quarter. According to a report released by the World Gold Council on Tuesday, central banks have increased their gold holdings by a net of 321 tons in the three months ending September. Following a slowdown in purchasing in early 2026, the cumulative purchase volume so far this year has reached 675 tons, which is slightly higher than the same period last year. This data highlights that central banks are still important supporters of gold prices. The central bank's purchase of gold has driven the price of gold to rise for many years and reached a record high in January of this year. Despite the relatively lackluster overall market performance, central bank demand still provides key support for gold prices. John Reed, a senior market strategist at the World Gold Council, said that weakening gold prices this quarter may have prompted some central banks to increase their purchasing efforts. He pointed out that for central banks that are bearish on the US dollar, the strengthening of the US dollar may make them more willing to convert some of their reserve assets into gold. Among the countries that disclosed purchase data in the latest quarter, China and Poland were the biggest buyers, increasing their holdings by 63 tons and 41 tons, respectively. Russia was the only major seller, reducing its holdings by 19 tons during this period.