In WGC's September review, Poland already holds 640 tonnes of gold toward a target of 700 tonnes. Yet behind the overall rise in global reserves lie both purchases and sales. We examine what reported transactions reveal about metal demand.
China Buys, Russia Sells
Published on 3 September 2026, the review by Marissa Salim for WGC presents data for July 2026: net reported central bank purchases totaled 23 tonnes. China was the largest official buyer, adding 20 tonnes to its reserves. Poland acquired 8 tonnes, bringing its total purchases since the start of the year to 90 tonnes. Meanwhile, Russia trimmed its holdings, selling 6 tonnes.
The arithmetic sum of these three transactions does not match the final 23 tonnes because the global report includes operations from other nations as well. Net purchases represent purchases minus sales. A positive balance does not imply that all central banks chose to act in unison. Furthermore, the statistics capture only transactions officially disclosed by regulators, rather than all estimated demand.
Why the Report Date Is Not the Purchase Date
According to the WGC Goldhub methodology, reserves and their monthly changes are tracked using IMF International Financial Statistics reports and public national sources. Monthly files are typically updated during the first ten days of the month, with much of the underlying data lagging by about two months or more. Different countries and tables may correspond to different dates. In the purchase review discussed above, the data specifically refers to July.
For readers, this serves as a practical rule: before comparing two reports on reserves, check the reporting date and the calculation method. Otherwise, a simple table update can easily be mistaken for a new purchase.
Tonnes and Reserve Share Are Different Metrics
WGC reporting records official holdings across three core metrics: physical weight in tonnes, dollar value, and percentage share of total international reserves. The portfolio weighting is calculated using the end-of-quarter LBMA price alongside statistics on other reserve assets from IMF.
A change in physical holdings must be distinguished from a change in their share. Gold's portfolio share can rise substantially without any new bullion entering the vault—a rise in LBMA prices or a contraction of the foreign-exchange portions of the portfolio is sufficient. The reverse also holds true: physical purchases in tonnes do not guarantee an automatic increase in share if foreign currency reserves grew faster over the same period.
What the Polish Target Means
By the end of July, Poland's reserves had reached 640 tonnes, accounting for around 28% of national reserves. In that same September review, WGC cited a target of 700 tonnes.
The gap between the target and the July holdings stands at 60 tonnes—a straightforward editorial calculation. It reflects how far Poland was from its benchmark at that snapshot. This figure should not be conflated with an order already placed or a purchase with an established timeline.
Such a target warrants monitoring subsequent reports, yet its fulfillment must ultimately be judged by actual changes in reserves. For the gold market, what matters is not only the intentions of major buyers, but also their pace of acquisitions alongside sales by other market participants.