World Gold Council predicts increased demand for gold from global central banks

Against the backdrop of the conflict in the Middle East, the next 10-15 days could prove pivotal in shaping demand for gold among the world's central banks. Amid the uncertain geopolitical environment, regulators may ramp up purchases of the precious metal to bolster their resilience, according to the World Gold Council (WGC).

The main driver of demand remains geopolitical instability, particularly the escalation of tensions between the United States and Iran. In the context of a shifting world order, central banks continue to view gold as a strategic tool for protecting national interests and financial resilience.

According to the WGC report, Uzbekistan led in purchases. The country's central bank acquired 9 tons of the precious metal, bringing the share of gold in its assets to 86%. Russia's central bank topped the list for gold sales (9 tons). Meanwhile, China continued its uninterrupted 15-month buying streak (1.2 tons).

The report notes that despite a slowdown in the pace of global gold purchases by central banks in January 2026 (5 tons compared to an average of 27 tons per month in 2025), the key trend in January was the expanding geography of demand: countries that had long been inactive returned to replenishing their reserves. Malaysia made its first purchase since 2018 (3.4 tons), and South Korea announced the resumption of gold investments (for the first time since 2013) through exchange-traded funds.