According to the latest data from the World Gold Council, central banks in countries such as China, Poland, and Czechia continue to expand their gold reserves despite gold prices hitting record highs.
China’s central bank reported on Wednesday that its gold reserves increased by 2 tonnes in April, marking the sixth consecutive month of growth. Krishan Gopaul, a senior analyst for Europe, the Middle East, and Africa at the World Gold Council, stated that China has accumulated a net total of 15 tonnes of gold so far this year, bringing its total reserves to 2,294 tonnes. Over the past six months, China’s gold reserves have increased by about 30 tonnes, during a period when international gold prices have surged nearly 30%.
The modest scale of purchases in recent months shows that the People’s Bank of China (PBoC) is maintaining its pace of gold accumulation while carefully timing its purchases, said Ross Norman, CEO of Metals Daily. This strategy may align with China’s broader effort to reduce its holdings of U.S. Treasury bonds and other dollar-denominated assets. It is likely that the PBoC will continue its gradual approach to gold buying in the future.
Poland, the largest sovereign buyer of gold in 2024, has maintained its strong momentum. Data from the National Bank of Poland shows its gold reserves increased by 12 tonnes in April, reaching a total of 509 tonnes. In the first four months of 2025, Poland has already purchased 61 tonnes of gold, two-thirds of its annual target of 90 tonnes.
Similarly, the Czech National Bank continued its buying streak, with gold reserves increasing by 2.5 tonnes in April. Gopaul noted that Czechia has increased its gold reserves for 26 consecutive months, accumulating a total of 47 tonnes over this period. As of the end of April, the country’s total gold reserves stood at 59 tonnes.
The World Gold Council’s latest quarterly report revealed that although global central bank gold purchases in the first quarter of this year fell 21% compared to the previous year, totaling 243.7 tonnes, the volume was still 24% above the five-year quarterly average.
While the pace of purchases has slowed, central banks have now been net gold buyers for 16 consecutive years, with particularly strong demand over the past three years providing significant support, the report analyzed. It also noted that geopolitical uncertainty and the need for a more diversified monetary system will continue to drive the importance of gold as a strategic reserve asset.
The Council emphasized, We anticipate that prolonged uncertainties will reinforce gold’s central role in the international reserve system. This structural demand is likely to continue supporting the market in the near term. Against the backdrop of major adjustments in the global economic landscape, the wave of central bank gold purchases may play a vital role in reshaping the international reserve system.
