Central banks bought a record 289 tonnes of gold in Q2 2026 — about $47.38 billion at current prices — continuing an aggressive accumulation trend, the World Gold Council (WGC) reports. The buying spree has accelerated through 2026 as sovereign reserve managers diversify away from the US dollar and into the “glittery” safe haven. What happened - Q2 central-bank purchases: 289 tonnes, worth $47.38 billion (WGC). - Q1 accumulation: topped 345 tonnes, putting H1 total well above half a million tonnes of demand from official sector buyers. - Largest official buyers in Q2: Poland (51 tonnes) and China (33 tonnes). - Institutional funds and retail investors are also major demand sources alongside central banks. Why central banks are buying The WGC says buying rebounded sharply in Q2 after a data revision slowed purchases in Q1, restoring the high levels seen over the past four years. Part of the motivation has been de-dollarization: central banks are actively shifting reserve composition away from dollar assets and adding gold as a perceived hedge against geopolitical and fiscal risk. The timing of some purchases also reflected price action. Accumulation in Q1 coincided with a roughly 14% drop in XAU/USD from January highs, creating a buying window for reserve managers. The longer-term backdrop The surge in official-sector demand traces back to 2022, when Western sanctions on Russia helped trigger a rush into gold. Since then, the XAU/USD index has climbed more than 150%, though the metal has recently corrected: prices are down about 14% over the last six months. Market views and extremes Many market commentators remain bullish on gold’s upside — some foresee targets above $6,000 — while a more dramatic projection from John LaForge, Chief Alternative Strategist at Ned Davis Research, argues that uncontrolled US national debt could send gold toward $10,000. What it means for crypto markets For crypto investors, the accelerating shift into gold signals a broader search for non-dollar stores of value. Central-bank demand for gold bolsters the narrative of diversification away from dollar-dominated reserves, which could influence flows into other alternative assets — including cryptocurrencies — as institutions and retail buyers reassess portfolio hedges. Source: World Gold Council; Ned Davis Research commentary. Read more AI-generated news on: undefined/news