The Russian Central Bank’s gold sell-off, launched in 2026 to cover the record deficit in the Kremlin’s military budget, has made it the world’s leading central bank in reducing gold reserves for the second consecutive quarter, reports The Moscow Times.
In total, central banks purchased 321.2 tonnes of gold in the third quarter—42% more than in the same period a year earlier. Russia’s central bank was one of the few exceptions: it sold 18.66 tonnes of gold bullion from its reserves, far outstripping other sellers, according to data from the World Gold Council.
The Central Bank of Kyrgyzstan also sold gold (0.95 tonnes), while the central banks of Germany, Singapore and Mexico sold 0.19 tonnes, 0.08 tonnes and 0.02 tonnes, respectively.
The People’s Bank of China was the largest buyer of gold, adding 63.14 tonnes to its reserves. The central banks of Poland, Uzbekistan and Kazakhstan also made significant purchases—40.45 tonnes, 14.45 tonnes and 13.52 tonnes, respectively—according to WGC data.
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