Gold Price Momentum Eases in January as Central Bank Demand Broadens: Gold Market Update and Gold Investing Insights

Central Bank Gold Buying Slows but Demand Base Expands

In January 2026, central banks slowed their gold buying. They purchased 5 tonnes. This level sits below the 2025 monthly average of 27 tonnes. The World Gold Council supplied the data. Banks now buy gold from a wider set of regions.

• Malaysia’s Bank Negara bought 3 tonnes. This move is its first net purchase since 2018. The reserve now holds 42 tonnes, which is 5% of total reserves.
• The Bank of Korea will add physical gold ETFs in the first quarter of 2026. This marks its first gold action since 2013.
• Buyers in Central Asia, East Asia, and Eastern Europe stepped up purchases while some banks trimmed reserves.

Geopolitical Uncertainty and Price Volatility Influence Gold Market

Geopolitical tensions affect gold. In January, prices moved quickly. The holiday season may have slowed some purchases.

Key points:

• Global uncertainty caused fast gold price moves. Some banks paused buying.
• Nations have built up gold since 2022. They change how they hold bullion amid world events.

Central Bank Gold Reserves Movements: Buyers and Sellers

Banks both bought and sold gold in January.

• Top buyers: Uzbekistan bought 9 tonnes. Its reserves grew to 399 tonnes. In 2020, gold made up 57% of reserves; by January 2026, it made up 86%.
• Other buyers: The Czech Republic, Indonesia, China, and Serbia added gold. China maintained this buying streak for 15 months.
• Top sellers: Russia offloaded 9 tonnes. Bulgaria’s National Bank sold 2 tonnes. The gold went to the European Central Bank when Bulgaria joined the euro on January 1, 2026.
• Additional sellers: Kazakhstan and Kyrgyz Republic each reduced reserves by 1 tonne.

Emerging Trends in Gold Investing via ETFs

The Bank of Korea now plans to add overseas physical gold ETFs. Banks have mostly bought physical bullion. This shift may signal more moves toward liquid gold instruments.

Summary: Gold Market and Central Bank Demand Key Drivers in Early 2026

• Gold buying by banks slowed in January but reached many regions.
• Global uncertainty keeps gold in demand.
• Buyers like Uzbekistan, Malaysia, and China added gold, while Russia and Bulgaria reduced theirs.
• The Bank of Korea plans to buy ETFs, marking a shift in approach.

For ongoing gold news and price updates, follow central bank moves and global events that affect gold values.

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This article was generated by Hivebox AI in collaboration with nGRND.
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