On July 30, 2026, the World Gold Council released its latest data showing that net global central bank gold reserves increased by 200 tons in Q2 2026, up 12% year-on-year, setting a new single-quarter record in nearly five years. This figure far exceeded market expectations, highlighting central banks' strong recognition of gold as a strategic reserve asset. Amid heightened global economic uncertainty and ongoing geopolitical risks, central banks' continued purchases provide solid bottom-line support for gold and silver prices.
Q2 Central Bank Gold Purchases Hit Five-Year High
According to the World Gold Council report, net global central bank gold purchases in Q2 reached 200 tons, with China, India, Turkey, Poland and Kazakhstan being the major buyers. The People's Bank of China increased holdings for the seventh consecutive month, adding 45 tons in Q2 to bring total reserves to 2,350 tons; the Reserve Bank of India added 30 tons to total reserves of 850 tons; Turkey's central bank added 25 tons amid geopolitical risks, while Poland and Kazakhstan added 18 tons and 15 tons respectively. In addition, some emerging market countries such as Qatar and Uzbekistan also joined the gold buying. The motives for gold purchases mainly include: diversifying foreign exchange reserves, hedging geopolitical risks, enhancing financial stability, and coping with potential inflation.
Impact of Central Bank Holdings Increase on Gold Prices
Central bank gold purchases are a key pillar of gold demand, and their persistence forms a bullish foundation for gold prices. In the first half of 2026, global central banks cumulatively purchased about 380 tons of gold, accounting for around 15% of total global gold demand. This official sector buying power has significantly smoothed gold price volatility. Especially during periods of a strong US dollar or rising interest rates, central bank demand has effectively offset some contraction in investment demand. Analysts point out that the current global central bank gold buying behavior is highly strategically consistent and unlikely to reverse in the short term. This will provide strong support for gold prices in the $1,700-1,800/oz range and push them towards the $2,000 mark.
Latest Spot Gold and Silver Prices
- International Spot Gold: $1,835.20/oz (+0.3%)
- International Spot Silver: $21.45/oz (+0.5%)
- Vietnam SJC Gold Bar: 56.70 million VND/tael (+0.2%)
- Vietnam 24K Gold: 55.20 million VND/tael (+0.1%)
Boosted by the news of central bank purchases, gold and silver prices rallied moderately today. Gold has steadily climbed from its earlier level near $1,830, while silver has also rebounded from above $21.0. The gold-to-silver ratio remains around 85.5, near historical highs, suggesting silver may be undervalued relative to gold.
Vietnam Gold Market Dynamics: Growing Linkage Between Domestic and International Markets
In Vietnam, the linkage between domestic and international gold prices is increasingly strengthening. The State Bank of Vietnam recently stated that it will continue to monitor international gold market changes and adjust domestic gold import policies when necessary to narrow the price gap between Vietnam and international markets. Currently, the spread between Vietnam's SJC gold bar and London gold is about $350-400/oz, narrowing from earlier this year. As the central bank gold buying spree pushes up the international gold price center, Vietnam's gold prices may receive external support. However, attention should be paid to the impact of VND exchange rate fluctuations on import costs.
Outlook: Medium-to-Long-Term Allocation Value of Gold and Silver Highlights
Looking ahead, analysts generally believe that central bank gold purchases will continue. Combined with expectations of Fed policy shifts, persistent global inflation, and recurring geopolitical conflicts, gold's safe-haven and value-preservation functions will continue to attract capital. For investors, current gold and silver prices are in a relatively reasonable range, with long-term allocation value prominent. In the short term, attention should be paid to next week's Fed interest rate decision and July non-farm payroll data, but the underlying logic remains unchanged: as long as central banks keep buying, the bull market foundation for gold and silver remains solid.
Vietnam Raw Materials Information Network will continue to track central bank reserve changes and gold/silver price fluctuations, providing timely and in-depth market insights. Welcome to follow the 'Spot Gold and Silver Prices' column to seize every buying and selling opportunity.
