XAU/USD - Central banks
Central bank gold demand remains resilient
Central banks bought a net 23 tonnes of gold in July, led by China’s 21st straight month of purchases and Poland’s 90 tonnes year-to-date. Buying has slowed from a year ago, but the official sector still provides a structural floor – and a soft ADP print plus dovish Waller comments gave gold a 2% lift on Thursday.
Esta análise ainda não foi traduzida, por isso é apresentada em inglês.
July net purchases: 23 tonnes
Central banks continued to add to their gold reserves in July, reporting net purchases of 23 tonnes according to World Gold Council data. As has been the case throughout this cycle, emerging-market central banks were the main buyers.
Who was buying
China led the way. The People’s Bank of China extended its buying streak to 21 consecutive months, adding 20 tonnes in July alone.
Poland was the second-largest buyer, adding a further 8 tonnes and taking its year-to-date purchases to 90 tonnes – one of the most aggressive accumulation programmes of any central bank this year.
Central banks in the Czech Republic, Kazakhstan, Malaysia and Bolivia also increased their holdings.
Who was selling
Russia was the largest seller, reducing its reserves by 6 tonnes. That is a modest amount against the buying side and does not change the net picture.
What it means for the market
Central bank buying has slowed compared to a year ago, and the July figure is well below the peaks of this cycle. But the official sector still provides steady support for the gold market, and it is a buyer that does not chase price or panic on dips.
Ongoing reserve diversification among emerging economies – the same de-dollarisation theme we have discussed in previous updates – should help sustain this structural demand even if monthly purchases moderate further from recent highs.
Price action: gold up more than 2% on Thursday
Gold prices rose more than 2% on Thursday following a weaker-than-expected ADP employment report on Wednesday. Softer labour data pulled Treasury yields lower and eased the rate-hike fears that had weighed on the metal earlier in the week.
Comments from Fed official Christopher Waller provided an additional boost. He suggested he is open to keeping rates on hold at the next FOMC meeting, assuming no surprises on the inflation front. After the recent hawkish repricing, even a conditional pause was enough to lift gold.
Ouro (XAUUSD)
Valores oficiais diários dos três meses até 4 de setembro de 2026, fixados na data de publicação. Fonte: LBMA.