A report by the World Gold Council shows that global central bank net gold purchases reached 289 metric tons in the second quarter of 2026, a 62% increase year-over-year, marking the highest quarterly purchase volume in nearly four years. Among them, People's Bank of China (PBOC)s have increased their gold holdings for 20 consecutive months—the longest continuous accumulation period on record—with a cumulative increase of 33 metric tons in the second quarter.The report noted that although gold prices have retreated from historic highs, the global gold market has remained resilient, with total demand in the first half of the year setting a new record. However, gold jewelry consumption fell to its lowest level since the pandemic, and gold ETFs also experienced net outflows.