Central banks in China and Poland are continuing to expand their gold reserves, reinforcing the role of official-sector demand in the global precious metals market. Their latest reported increases come amid a broader effort by monetary authorities to diversify reserve holdings, manage geopolitical and financial risks, and reduce reliance on traditional reserve assets.

China Extends Its Gold Accumulation Streak to 24 Months

The People’s Bank of China (PBoC) increased its reported gold holdings by approximately 25.8 tonnes in October, taking total reserves to around 2,435.4 tonnes, according to figures released through China’s State Administration of Foreign Exchange. The increase brought the country’s reported year-to-date accumulation to approximately 129 tonnes and marked the 24th consecutive month in which its reported gold holdings increased.

October’s addition was the largest monthly increase in China’s current accumulation streak. The pace of reported additions has accelerated throughout 2026, rising from 5 tonnes in March to approximately 25.8 tonnes in October. This progression indicates that gold continues to occupy an increasingly important position in China’s official reserve structure.

The distinction between reported reserve changes and confirmed transactions remains important. Monthly reserve statistics measure the change in reported holdings and do not provide a complete transaction-by-transaction record. Nevertheless, the sustained increase offers evidence of a continuing strategic preference for gold within China’s reserve management framework.

Poland Reaches Its 700-Tonne Target and Leaves Room for Further Purchases

Poland has also strengthened its position among the world’s largest official gold holders. National Bank of Poland Governor Adam Glapiński confirmed on November 5 that the central bank had reached its previously announced target of 700 tonnes. The October increase is estimated at approximately 27 tonnes, bringing the country’s year-to-date accumulation to around 150 tonnes from its reported year-end 2025 holdings of approximately 550 tonnes.

The milestone is significant because Poland has pursued an explicit strategy of expanding its gold allocation. According to Reuters, gold represented approximately 31% of the country’s official reserves at the end of September. Glapiński also indicated that reaching 700 tonnes would not necessarily end the central bank’s purchases, stating that reserves should continue to grow in line with the country’s overall reserve holdings.

Poland’s accumulation demonstrates how central banks can treat gold as a long-term component of national reserve management rather than simply a response to short-term price movements. The country is also reviewing the storage distribution of its holdings, with plans to allocate portions to vaults in Poland, the United States and the United Kingdom.

Central Bank Demand Remains a Structural Force in the Gold Market

The latest purchases from China and Poland are part of a broader pattern of official-sector accumulation. The World Gold Council reported that central bank demand reached 321 tonnes in the third quarter of 2026, substantially above the five-year quarterly average of 227 tonnes. Year-to-date demand reached 675 tonnes by the end of September, representing a 6% increase compared with the same period in 2025.

China and Poland were particularly influential during the third quarter, together accounting for 104 tonnes of reported net purchases, or approximately 86% of the reported total. The World Gold Council also noted that estimated demand was considerably higher than officially reported purchases, reflecting the impact of reporting delays and activity that is not publicly disclosed.

For global markets, sustained central bank accumulation can provide an important source of underlying demand, particularly when private investment flows and interest-rate expectations are changing. However, official purchases do not establish a guaranteed price floor. Gold remains sensitive to real interest rates, currency movements, investor positioning and changes in global liquidity.

The next indicators to monitor will be China’s monthly reserve disclosures, Poland’s purchasing policy following its 700-tonne milestone and the World Gold Council’s subsequent demand estimates. Whether other central banks accelerate their allocations will also matter. If the current pattern continues, official-sector demand could remain a significant structural influence on the gold market, even as short-term price movements respond to broader monetary and geopolitical developments.