Gold is attempting to stabilize near $4,040 after a brutal selloff, but one of the metal’s biggest long-term buyers has been doing the opposite of short-term traders.
Global central banks purchased a net 321.2 tonnes of gold during the third quarter of 2026, their largest quarterly total since Q4 2024, according to the World Gold Council. That was 42% higher than Q3 2025 and about 8% above the 296.3 tonnes purchased in Q2.
The buying also came in far above the five-year quarterly average of approximately 227 tonnes.
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China and Poland Lead Central Bank Gold Demand
China and Poland were the dominant publicly reported buyers.
The People’s Bank of China added 63 tonnes during Q3, while Poland purchased another 40 tonnes. Together, they accounted for roughly 86% of reported central-bank net purchases during the quarter.
Year-to-date central-bank demand has now reached 675 tonnes, 6% higher than during the same period of 2025.
There is an important detail behind those numbers.
BREAKING: Global central banks bought +321 tonnes of gold in Q3 2026, their largest quarterly purchase since Q4 2024. This also marks their 5th-largest quarterly purchase on record. Central bank gold purchases were up +8% from +296 tonnes acquired in Q2 2026 and up +453% from Q1 2026. By comparison, the 5-year quarterly average stands at +227 tonnes. China and Poland led Q3 demand, adding +63 tonnes and +40 tonnes, respectively. Year-to-date, global central banks have purchased +675 tonnes of gold, up +6% from the same period in 2025. Central banks are aggressively buying the dip in gold.
— The Kobeissi Letter (@KobeissiLetter) November 11, 2026
Only around 120 tonnes of Q3 purchases were publicly reported by individual institutions. The World Gold Council estimates total demand at 321 tonnes, meaning roughly 63% came from activity that was not individually disclosed.
That makes China and Poland the largest known buyers, but not necessarily the source of most actual demand.
Central Banks Are Buying Despite Historically High Gold Prices
The timing is notable because gold has hardly been cheap by historical standards.
The average Q3 gold price was approximately $4,262 per ounce, yet official-sector demand accelerated anyway.
The World Gold Council says diversification and risk management remain the main drivers behind central-bank accumulation.
That makes the “buying the dip” description only partly accurate.
Lower prices compared with the first quarter may have helped, but the data points to a longer-term strategic move rather than central banks simply trying to time short-term gold corrections.
Read also: Analyst Warns Of Brutal Gold Price Drop To $3,300 As Concerning 50-Year-Old Pattern Returns
Gold Price Still Faces a Difficult Short-Term Setup
Heavy central-bank buying has not protected gold from recent volatility.
Gold plunged around 3% on November 10 after hotter-than-expected U.S. inflation data and hawkish Federal Reserve commentary boosted expectations for another rate hike.
Spot gold recovered modestly today to around $4,043, but higher rates remain an important headwind because gold does not generate interest.
This creates an unusual split in the market.
Short-term traders are reacting to inflation, Treasury yields and Fed policy.
Central banks, meanwhile, continue accumulating gold regardless of those swings.
And the official-sector demand is not isolated. Gold ETFs added another 211 tonnes during Q3, taking total ETF holdings to a record 4,256 tonnes.
For gold price today, the Fed remains the immediate problem.
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