Key facts
- Central banks added 17 tons of gold in April.
- Poland was the top buyer in April, adding 14 tons.
- China accelerated gold purchases to 8 tons in April.
- Russia continued net sales of gold, selling 6 tons in April.
- ETFs have continued to sell holdings.
Central banks returned to purchasing gold in April, adding 17 tons to their reserves after a significant selloff of nearly 30 tons in March, largely driven by Turkey. Poland led the buying in April with 14 tons, followed by China's accelerated purchases of 8 tons, marking its highest acquisition since December 2024 and extending an 18-month buying streak. The Czech National Bank also continued its consistent purchasing trend. Meanwhile, Russia persisted with its sales, offloading 6 tons in April. Despite this rebound, the pace of central bank accumulation is a fraction of last year's average. Furthermore, the strong ETF buying that propelled gold prices significantly higher last year has not materialized, with ETFs continuing to sell holdings. This focus on near-term headwinds, coupled with rising Treasury yields and a resilient US economy, presents challenges for gold prices.