The Central Bank Gold Monitor is GoldKurs.ch's dedicated module for tracking central bank gold demand — one of the most important structural drivers of the gold price.
What the Monitor Shows
Monthly Purchase Data: WGC-sourced data on net gold purchases/sales by central bank, updated monthly. For May 2026, total 2026 YTD net purchases stand at approximately 290 tonnes (Q1 alone).
Country Rankings: Top 10 central bank gold holders with current tonnes, percentage of total reserves in gold, and year-on-year change.
Historical Chart: Central bank net purchases since 2010 — showing the dramatic shift from net sellers (pre-2010) to the current era of record net buying.
Top Central Bank Gold Holders (May 2026)
- United States: 8,133t (75% of reserves in gold)
- Germany: 3,352t (74%)
- Italy: 2,452t (71%)
- France: 2,437t (72%)
- Russia: 2,332t (26%)
- China (PBOC): 2,280t (5%) — actively increasing
- Switzerland (SNB): 1,040t (7%)
De-dollarisation Analysis
The monitor includes a de-dollarisation tracker showing the USD share of global FX reserves (IMF COFER data) declining from approximately 71% in 2000 to approximately 58% in 2026 — and the corresponding rise in gold's share of reserves. This structural shift is a key driver of central bank gold demand.
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