Herculis Advisors
Herculis Advisors
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Central banks net gold purchases — February 2026

Herculis Advisors

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Central banks bought gold a net 27t in February, with activity driven by Poland (20t), a marked rebound after a lull in January. Uzbekistan entered its fifth consecutive month of net buying (8t), followed by Kazakhstan (8t), Czech Republic (2t), Malaysia (2t), China (1t) and Cambodia (1t). Net sellers this month were Turkey (8t) and Russia (6t).

Bar chart of year-to-date central bank net gold purchases and sales by country, showing Poland ~20t net purchases and Russia net sales around -6t.
Bar chart showing central bank net gold purchases and sales by country; Poland leads purchases while Russia and Türkiye were net sellers.

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