Poland has added 97.8 tonnes through August, bringing its total reserves to 647.98 tonnes and putting it within 2.2 tonnes of matching its entire 2025 accumulation. The country entered the global top ten gold reserve holders earlier this year. On a per-capita basis, Poland’s holdings now equate to roughly 17.12 grams per citizen, up from the equivalent of five small gold coins per person to six, worth approximately $4,919 at current prices.

China’s buying has accelerated sharply since a slow start to the year. Monthly purchases reached 20.2 tonnes in August, described by BestBrokers as more than twenty times January’s volume. Total accumulation of 80.2 tonnes takes China’s official reserves to 2,386.55 tonnes, the world’s fifth-largest gold stockpile, valued at approximately $318.9 billion at the LBMA PM price of $4,156.40 per troy ounce recorded on 6 October.

Behind the two headline figures, several emerging-market and Central Asian central banks have also been consistent accumulators. Uzbekistan has added 48.2 tonnes despite two months of minor reductions, Kazakhstan has bought 36.1 tonnes with purchases in every month except January, and the Czech Republic has added gold in every single month, lifting its reserves by 14.2 tonnes to 85.76 tonnes.

The picture is not uniformly one of accumulation. 4-tonne reduction in March alone, making it by far the largest seller of the year. 9 tonnes. 9 tonnes, but remains a substantial net seller for the year.

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