Goldman Sachs projects sustained central bank gold purchases at 50 tonnes monthly through 2026, underpinning long-term price support.
Central banks purchased 59 tonnes of gold in April, with China estimated to account for 24 tonnes, according to Goldman Sachs data. The buying pace has stabilized around 50 tonnes monthly, down from earlier peaks but still historically elevated.
Goldman forecasts demand to remain at 50 tonnes per month in 2026 before easing to 40 tonnes in 2027. A World Gold Council survey revealed 45% of central banks plan to increase reserves over the next year, signaling structural demand.
The trend reflects diversification strategies, with 90% of surveyed banks expecting global gold holdings to rise or remain stable. China’s opaque reporting adds volatility risk, as shifts in its purchasing could sway prices more than aggregate figures suggest.