Central bank gold demand remains structurally strong:
Central Bank Gold Demand Nowcast shows monthly purchases have eased to ~50 tonnes, down from a 2026 high of over 100 tonnes, according to Goldman Sachs.
Despite this pullback, current demand remains nearly 3 TIMES the pre-2022 average of 17 tonnes per month.
Meanwhile, the National Bank of Poland increased its gold reserves by 18 tonnes in May, the largest monthly addition since February, lifting its total holdings to a RECORD 614 tonnes.
This confirms that central banks continue to accumulate gold at a structurally elevated pace, even as the pace of buying moderates from its recent peak.
Central banks continue to be bullish on gold.