Emerging markets drive global central bank gold buying in May
Singapore returns to the gold-buying list
The Monetary Authority of Singapore (MAS) purchased 4 tonnes of gold in May, lifting Singapore’s holdings to 197 tonnes. The purchase marked MAS’s first monthly net increase since September 2025.
MAS is also preparing to establish central-bank gold vaulting services by October 2026, in line with Singapore’s plan to strengthen its position as a gold trading hub.
The Czech National Bank and the Central Bank of Jordan also bought gold during the month, adding 2 tonnes and 1 tonne respectively. The Czech National Bank has now recorded 39 consecutive months of net gold purchases.
On the selling side, the Central Bank of Russia continued to reduce its holdings, selling 6 tonnes in May. Russia has sold 34 tonnes since the start of the year, lowering its total gold reserves to 2,292 tonnes.
The Central Bank of the Republic of Turkey sold another 3 tonnes in May, taking its year-to-date gold sales to 81 tonnes.
Bank of Korea prepares gold ETF allocation
The Bank of Korea has reportedly completed preparations to invest in overseas gold-backed exchange-traded funds as part of a strategy to diversify its foreign-currency assets.
The bank’s confidentiality policy means it has not disclosed whether an allocation has already been made. Gold-backed ETFs were reportedly selected because they offer high liquidity and lower storage costs than physical bullion.
South Korea currently holds 104 tonnes of gold reserves, accounting for around 3% of its total reserves, a relatively low level compared with several other emerging-market economies.
Gold ETF investment remains uncommon among central banks. Only 4% of survey respondents indicated that they purchase gold through gold-backed ETFs.
Latin American central banks show rising interest
World Gold Council analysis also identified new gold-buying activity among Latin American central banks in 2026.
Chile has accumulated around 8 tonnes of gold since the start of the year, followed by Guatemala with 2 tonnes. Bolivia and Uruguay have each added 1 tonne.
Although the region has faced recent geopolitical tension, it remains too early to determine whether this buying trend will gain momentum or broaden across Latin America.
Source:
