The uncertainties in the global economy continue to drive central banks toward the safe haven of gold.

Overview
• Ongoing Trend: Global central banks purchased an additional 19 tons of gold in February, maintaining a net buyer position for the 23rd consecutive month.
• Annual Accumulation: With a 6-ton purchase in January, the total net buy in the first two months of the year reached 25 tons.
Leading Countries Buying Gold
• Poland: Led in February. Made a massive purchase of 20 tons, increasing its reserves to 570 tons. The share of gold in its total foreign exchange (FX) reserves rose to 31%.
• Uzbekistan: Added 8 more tons to its reserves. With a total of 407 tons, its gold reserves represent a very high proportion, accounting for 88% of the country’s total FX assets.
• China: Made a symbolic but strategic purchase of 1 ton. This shows that China has been accumulating gold for 16 consecutive months. Its total reserves reached 2,308 tons, accounting for 10% of its total FX reserves.
Countries Selling and Reducing Reserves
• February Losses: Turkey (-8 tons) and Russia (-6 tons) experienced the largest decreases in reserves in February.
• Turkey’s March Operation: According to estimates, Turkey conducted a large sale of approximately 120 tons in March to finance regional tensions and FX operations.
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