Gold Price Prediction as Central Banks Add 289 Tonnes in Biggest Quarterly Buy Since 2024
Central banks went on a gold-buying spree in the second quarter of 2026, 289 tonnes. That’s the most they’ve bought in any three-month stretch since late 2024.
And here’s the thing: they kept buying even with gold already near record prices. They don’t care about the sticker shock. They want more gold on their books. Total purchases were up 62 tonnes from the same time last year. Quarter over quarter, demand jumped over 400%. That’s a large leap.
Why does this matter to traders is that central banks play the long game. They’re not flipping gold for a quick profit. They buy and hold. That steady demand acts like a floor under the price when markets get rocky.
It also tells you something bigger: countries are still trying to move away from the dollar. Gold is their safe bet.
What you'll learn 👉
Central Bank Gold Buying: The Numbers Behind the Surge
The Kobeissi Letter pulled fresh numbers from the World Gold Council. Central banks bought 289 tonnes of gold in the second quarter of 2026.
That’s 62 tonnes more than they bought in Q2 of last year. And compared to the first three months of this year? Up a whopping 407%.
BREAKING: Global central bank gold purchases rose +62 tonnes YoY in Q2 2026, to 289 tonnes, the biggest quarterly addition since Q4 2024.
— The Kobeissi Letter (@KobeissiLetter) August 3, 2026
Quarter-over-quarter, gold purchases surged +231 tonnes, or +407%.
Year-to-date, central banks have acquired +345 tonnes of gold.
Poland… pic.twitter.com/kDfJFyP0RS
The buying hasn’t let up all year either. So far in 2026, central banks have stacked 345 tonnes total. Poland’s leading the pack, they bought 82 tonnes and now hold a record 632 tonnes. Uzbekistan grabbed 41 tonnes. China wasn’t far behind with 40 tonnes.
Why it matters is that central banks aren’t day traders. They buy gold to manage their reserves, not flip it for a quick buck. They don’t stop even when gold is expensive. That kind of steady demand acts like a buffer when other buyers, like jewelers or investors pull back.
It also tells you governments are getting more comfortable with physical assets. Geopolitics is messy, currencies are jumpy, and diversifying reserves is a priority. Gold fits that bill.
Gold’s Current Price Action
Gold is hanging around $4,063 right now. It pulled back from that monthly resistance zone near $4,099, couldn’t break through.
Related Gold News: Gold Price Prediction – “Perfect Trap” Before FOMC – Analyst Warns Retail Buyers Will Get Liquidated
We pulled up the gold chart and saw buyers trying to hold the line around $4,050. They’re defending it, but the price is still stuck below daily resistance. The overall picture isn’t broken, but bulls need to show some real strength before things start moving in their favor.
The indicators are pretty even. RSI is at 49.98, basically dead neutral. No one’s in charge. The Stochastic is at 39.26, so momentum is weak but not oversold anymore.
If the gold price pushes higher, the first hurdle is $4,165. After that, $4,204. The bigger target up top is $4,383. But if buyers give up, the floor to watch is $3,961.
What This Means for the Gold Price Going Forward
The chart and the central bank numbers line up nicely. Those 289 tonnes of buying give gold a solid floor underneath it. Governments keep stacking even with prices high, so any big drops get bought up fast.
Now here’s the setup: if buyers punch through $4,165, the gold price could run to $4,204. Break that and the monthly target of $4,383 comes into play.
But if $4,165 holds firm as resistance, gold might stall out and slide back to $3,961 before trying again.
Gold Price Prediction: What’s Next?
Gold still looks good as long as central banks keep buying like this. The technicals are on the bulls’ side for now, but they need to prove it, and that means breaking above $4,165.
If they clear that level, $4,204 comes next. Take that out too, and the gold price could run all the way to $4,383 in the days ahead.
But if they can’t get past $4,165, things get shaky. Then we’re looking at another drop back to $3,961. Buyers would have to step up and defend that line to keep the bigger uptrend alive.
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