After suffering its worst weekly drop since 1983, gold is rebounding sharply, with prices climbing above US$4,800 and some analysts forecasting a surge to US$7,000 later in 2026.

Gold prices reached multiple record highs throughout 2025 and continued climbing into the first months of 2026. While some countries accelerated their purchases to strengthen and diversify their reserves, others took advantage of elevated prices to realize gains by selling part of their holdings, according to a new report.

Despite recent price volatility, central banks are continuing their gold-buying streak, driven by a range of strategic motives, research platform BestBrokers says in an analysis of the latest data from the World Gold Council. 

Poland remains firmly at the forefront, having aggressively expanded its reserves since April 2023 to strengthen financial security amid regional instability. With its latest reported purchase of 20.2 tonnes in February, the country has added more than 340 tonnes over the past two years, bringing total holdings to 570.4 tonnes, currently valued at US$88.1 billion.

Uzbekistan follows closely with 16.5 tonnes added in the first two months of the year, marking its fifth consecutive month of accumulation. Malaysia ranks third, purchasing 3.4 tonnes in January and a further 1.6 tonnes in February, ending eight years of inactivity in the gold market.

China has recorded 16 consecutive months of purchases, adding 44.2 tonnes over that span, including 2.1 tonnes so far this year. Its gold holdings remain the sixth-largest globally at 2,308.48 tonnes, currently valued at around US$356.5 billion.

On the selling side, Russia reduced its gold holdings by 15.5 tonnes in the first two months of 2026, amid efforts to manage fiscal pressures, support liquidity, and maintain foreign-exchange stability under ongoing sanctions and limited access to international markets.

After years of relatively small and inconsistent activity in its reserves, the move points to a more tactical use of gold as a financial buffer rather than a long-term strategy, the report says.

Next to Russia, Turkey reduced its holdings by 8.1 tonnes during the period. Russia remains the world’s fifth-largest gold holder at 2,310.97 tonnes, currently valued at approximately US$356.9 billion, while Turkey ranks 11th globally with 595.04 tonnes, valued at around US$91.9 billion.

Portfolio adjustment

Singapore consistently pared back its gold reserves throughout 2025, beginning in March with a sale of 4.85 tonnes and bringing total disposals for the year to 26.5 tonnes. This marks a clear reversal from its earlier accumulation strategy. After decades of relative inactivity, the country acquired 26.3 tonnes in 2021 and 76.3 tonnes in 2023, before initiating modest sales of 10.1 tonnes in 2024. The 2025 reductions reflect a deliberate portfolio adjustment, likely aimed at capitalizing on elevated gold prices while maintaining a balanced reserve composition.

Despite these official sales, the city-state has emerged as a major hub for private gold storage, attracting the ultra-wealthy seeking a safe jurisdiction amid global economic and geopolitical uncertainty, the report says.

Another interesting move came from France, with the Banque de France reportedly having completed a long-running gold standardization programme by replacing the final 129 tonnes linked to New York holdings through a market-based exchange.

This brought France’s roughly 2,437 tonnes of reserves into LBMA ( London Bullion Market Association ) standard bullion and fully recorded them as held in Paris. The restructuring of older gold bars at market prices generated an estimated €12-13 billion ( U$13-14 billion ) accounting gain and contributed to a reported €8.1 billion net profit for 2025, equal to about US$8.8 billion.

Differing interpretations

Global gold reserves reached 36,615.81 tonnes in 2026, valued at approximately US$5.66 trillion at a price of US$4,803.70 per ounce as of April 8. The United States holds the largest national reserves at 8,113.46 tonnes, while Switzerland leads on a per-capita basis with 115.45 grams of gold per citizen, underscoring its outsized bullion position relative to population size.

Commenting on the latest developments in the bullion market, Alan Goldberg, lead data analyst at BestBrokers, says: “Gold is increasingly functioning less as a shared ‘safe haven’ narrative and more as a fragmented signalling tool within central bank policy. What is particularly notable is not simply who is buying or selling, but the timing and consistency of these moves, which point to differing interpretations of what reserve resilience actually means in practice. In this sense, accumulation is not necessarily a vote of confidence in gold itself, but rather a reflection of institutional caution toward alternative reserve assets and the uneven credibility of global financial buffers.

“Conversely, selective reductions at elevated price levels may indicate opportunistic rebalancing rather than any structural reassessment of gold’s role. Taken together, these patterns suggest a market where gold is increasingly being used to express policy independence and risk tolerance, rather than purely to store value, hinting that future demand will be shaped as much by institutional behaviour and liquidity architecture as by macroeconomic conditions alone.”