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Read between the lines of World Gold Council and FT reports
The real story here may be, first, that World Gold Council data is unreliable, and, second, that the Financial Times now can admit that China conceals much of its gold purchases.
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Central Banks Slashed Their Gold Purchases in Early 2026
By Leslie Hook
Financial Times, London
Thursday, July 30, 2026
Central banks bought far less gold during the first quarter of this year than previously thought, suggesting that one of the biggest growth engines for bullion demand may be cooling.
A significant data revision has slashed the estimated level of central bank purchases from 244 tonnes in the first quarter to just 57 tonnes -- the lowest first-quarter level in more than 15 years, according to a new report from the World Gold Council, an industry body.
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Central bank purchases have been one of the biggest drivers of the global gold market over the past four years and helped to propel the record-breaking bullion rally that peaked earlier this year.
However, it has become more difficult to measure their activity as their purchasing becomes more opaque, particularly that of big buyers such as China, which discloses only a portion of its purchases. ...
... For the remainder of the report:
https://www.ft.com/content/ce198d5a-4a3b-46e8-aec3-77e5ab53ffb7
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