Global central banks remained significant net buyers of gold in 2025, adding 328 tonnes to official reserves, according to the latest data from the World Gold Council (WGC). This figure, though slightly below the 345 tonnes net purchased in 2024, underscores continued robust demand despite gold prices rallying approximately two-thirds over the year and briefly surpassing $5,000 per ounce.
Marissa Salim, Senior Research Lead, APAC at the WGC, stated that net purchases in December 2025 alone reached 19 tonnes, bringing the full-year total to 328 tonnes. The monthly average for the year stood at 27 tonnes.
The buying was once again dominated by central banks in emerging market and developing economies. The National Bank of Poland was the standout buyer of the year, increasing its reserves by a net 102 tonnes. It was followed by Kazakhstan (57 tonnes), the State Oil Fund of Azerbaijan (SOFAZ) (53 tonnes), Brazil (43 tonnes), China (27 tonnes), and Turkey (27 tonnes).
In December, the largest gross buyers were Uzbekistan (10 tonnes), Kazakhstan (8 tonnes), and Poland (7 tonnes). Singapore was the only significant seller in the month, offloading 11 tonnes, and also emerged as the year’s largest net seller, reducing reserves by 26 tonnes in 2025.
The dramatic rise in the gold price has substantially increased the nominal value of central bank gold holdings. Preliminary analysis suggests gold’s share of global foreign reserve value may have risen to around 25% by the end of 2025, up significantly, primarily due to price appreciation.
While advanced economy central banks, notably those in the Euro area and the United States, still hold about 57% of all central bank gold, their holdings have remained broadly stable since the Global Financial Crisis. Nearly all net purchases in recent years have originated from emerging markets.
According to IMF data, gold constitutes roughly 17% of global foreign exchange reserves by volume, with central banks and the IMF collectively holding approximately 40,000 tonnes, or one-fifth of all above-ground gold stock.
Analysts point to multiple factors driving sustained official sector demand. Gold is viewed as a sovereign credit-risk-free store of value and a reliable hedge during times of crisis. In an era of heightened geopolitical tensions and deepening fragmentation in the international financial system, increasing gold reserves is seen as a strategy for diversification, reducing reliance on any single currency or asset.
Surveys conducted by the WGC and other institutions confirm that gold’s role in reserve portfolios is being reassessed amid persistent inflation uncertainty, global political volatility, and rising concerns over financial sanctions risk. This reassessment is expected to continue underpinning demand from official institutions.
