In February 2026, central banks globally purchased a net total of 19 tonnes of gold, a rebound from January's inactivity but still below the average of 26 tonnes. Poland's National Bank was the standout buyer, adding 20 tonnes to its reserves, which now total 570 tonnes. This move is part of Poland's strategy to reach a target of 700 tonnes. Other notable buyers include Uzbekistan, which added 8 tonnes, and the People's Bank of China, which has been on a buying streak for 16 consecutive months, now holding 2,308 tonnes. Conversely, Russia has become a significant seller, offloading 6 tonnes in February, contributing to its status as one of the largest net sellers in 2026. The trend of gold accumulation, while slower than last year, remains strong, with emerging market nations, particularly in Africa, increasingly viewing gold as a strategic reserve asset. The Bank of Uganda and Kenya's central bank are both initiating domestic gold buying programs to enhance their reserves and mitigate economic risks.