Central banks slashed their gold purchases in early 2026 - Financial Times

Central bank gold buying slowed sharply in early 2026, according to Financial Times reporting, marking a notable pullback from the elevated purchase levels seen in recent years. The shift matters because official-sector demand has been a key pillar of the gold market, and central banks are typically patient, price-insensitive buyers whose activity can influence sentiment well beyond their actual tonnage.

The development raises a question rather than settling one: whether this reflects a deliberate pause after a period of heavy accumulation, or a broader reassessment of reserve strategy as prices and macroeconomic conditions have changed. For market participants, the distinction matters, since a temporary slowdown and a lasting shift in demand carry very different implications for how the gold market balances.

What to watch from here is whether the pullback persists across multiple quarters and whether other buyers absorb the difference. Central bank demand data is reported with a lag, so the picture will sharpen over time. For now, the signal is a slower pace of official buying, not an exit.