Central banks are likely buying way more gold than official figures suggest: World central banks acquired +44 tonnes of gold in July, +158% above the pre-2022 average of +17 tonnes, according to Goldman Sachs. This brings the 3-month average of purchases to +91 tonnes, near its
Why now
Thesis: Central banks buying gold well above pre-2022 pace
Catalyst to watch: Monthly central bank reserve data
Main risk: Official figures may understate or reverse
Why it matters
Sustained central bank gold buying above pre-2022 averages provides structural demand support for prices.
Details
Central banks are likely buying way more gold than official figures suggest: World central banks acquired +44 tonnes of gold in July, +158% above the pre-2022 average of +17 tonnes, according to Goldman Sachs. This brings the 3-month average of purchases to +91 tonnes, near its highest since mid-2025. By comparison, the 12-month moving average has oscillated between +50 and +60 tonnes over the last few months. Meanwhile, official central bank purchases of gold stood at +23 tonnes in July, or 21 tonnes below actual levels. Furthermore, official monthly purchases have not exceeded +60 tonnes in any month since November 2024, also representing a wide discrepancy. Central bank gold demand may be much greater than official figures suggest.
Sources
- x · 2026-09-27 17:28 UTC