Gold buying slows.

⚡️ Against the backdrop of war in the Middle East and escalating US–Iran tensions, central banks added just 5 tonnes of gold in January 2026 — sharply below the 27-tonne monthly average of 2025. Momentum eased, but accumulation continues.

💰 Uzbekistan bought 9 tonnes, lifting reserves to 399 tonnes. Gold now accounts for 86% of its reserves, up from 57% in 2020. Malaysia returned for the first time since 2018, adding 3 tonnes and bringing holdings to 42 tonnes, or 5% of reserves. China extended its buying streak to 15 consecutive months, with gold nearing 10% of total reserves.

↘️ Russia was the largest seller at 9 tonnes. Bulgaria sold 2 tonnes as part of its eurozone transition, transferring gold to the ECB.

❓Do you believe in a gold pullback from here, or are you staying bullish?

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