Poland and China gobbled up gold when prices slipped in July, while Russia, which touched off the global gold binge, continued to sell down its reserves of the precious metal, according to a new report on central bank gold buying.

As has been the case each month of the past two years except this past March, central banks bought more gold than they sold in July, according to the World Gold Council, an industry group. Gold prices bounced around the past couple weeks as traders reconsidered the path of interest rates, but central-bank buying has been the main force behind gold's more than doubling in price since Russia invaded Ukraine in early 2022.

With war raging in its backyard, Poland is beefing up its gold reserves in the name of national security. The country has been the world's biggest gold buyer this year, adding another 8 tons in July to reserves that have reached 640 tons, the Gold Council said.

Western sanctions on Russia following its invasion of Ukraine prompted other central banks to shift from dollar-based assets. China, Uzbekistan and Kazakhstan have been this year's other top buyers of gold, which is beyond the reach of foreigners. Others, such as the Netherlands, are making sure their gold is closer at hand.

Russia, strained by the long and expensive war and its industries under Ukrainian attack, has been selling its precious metal: 50 tons so far in 2026, according to the Gold Council.