Serbia was among the world’s largest buyers of gold in early 2026, as the central bank continued to diversify reserves amid geopolitical uncertainty, according to data from the World Gold Council released on April 29.

Poland was the biggest purchaser in the first two months of the year, adding more than 20 tonnes to its reserves as part of a multi-year strategy to reach 700 tonnes, reflecting heightened security concerns on NATO’s eastern flank.

Serbia ranked ninth globally over the January–February, purchasing 0.99 tonnes of gold, the data showed.

The National Bank of Serbia (NBS) increased its holdings further in March, buying more than 300 kilograms of gold domestically from Serbia Zijin Copper, lifting total reserves to a record 53,737.2 kilograms. The stockpile was valued at €6.94bn, or 24.4% of Serbia’s gross foreign exchange reserves.

Overall, Serbia’s gold reserves rose by around 1.2 tonnes in early 2026, with their value increasing by €745.1mn, supported by a roughly 7% rise in global gold prices and a 2.3% strengthening of the US dollar against the euro, the central bank said.

The NBS has been one of the most active buyers in Europe in recent years. It purchased a record 4.3 tonnes of gold from Serbia Zijin Copper in 2025, taking the mine’s entire annual output. Serbian law requires the company to offer all domestically mined gold to the central bank before considering export sales.

According to Forbes, the NBS has bought around 16.3 tonnes of gold from the Chinese-owned miner since 2018, at an average price of about €3,000 per ounce, during a period when global prices ranged between €2,500 and €3,700 per ounce.

On the selling side, Russia and Turkey were the largest net sellers in 2026, with Russian disposals reflecting fiscal pressure linked to wartime spending under sanctions.

The accumulation trend comes after Serbia announced in July 2025 that it planned to repatriate all of its gold reserves from abroad, aiming to become the first country in Eastern Europe to hold its entire bullion stock domestically, as central banks globally move to reduce exposure to foreign custody amid rising geopolitical tensions.