Central Bank Buying
Uganda: The Bank of Uganda has started buying gold from local producers to bolster its foreign reserves.
· China: The PBOC extended its gold buying streak to 17 months, adding 5 tonnes in March and bringing its total holdings to a record 2,313 tonnes.
· Global Pace: While global gold reserves hit a new high of 36,615.81 tonnes in 2026, ETF outflows contrasted with ongoing central bank purchases as investors took profits.

Top Buyers:China has extended its gold-buying streak to 17 consecutive months, while Poland remains the largest net buyer for 2026, adding over 20 tonnes. Uzbekistan and Kazakhstan are also significant accumulators.
· Repatriation Trend: These moves are part of a broader strategy to diversify away from dollar reserves, reinforced by countries like France repatriating gold from foreign custody.
· Notable Sellers: On the other side, Turkey has sold nearly 120 tonnes of gold in a rare move to stabilize its currency, and Russia has sold gold to support government finances amid ongoing sanctions. The chief economist noted these strategic sales are typically tactical adjustments rather than a strategic shift away from the metal.

Miners Deliver Strong Financial Results
Despite operational headwinds, major gold producers are leveraging high prices to deliver impressive shareholder value.
Strong Quarter, Higher Costs: Newmont reported *$3.1 billion* in free cash flow, a quarterly record. However, rising oil prices are a concern each $10 increase is projected to impact costs by roughly $12 per ounce.