Driven by economic and political uncertainty, weakened dollar and price momentum, gold has had a remarkable 2025. The demand for the precious metal has been fueled by certain central banks, which despite the elevated prices, have been on a gold buying spree over the past year or so.
Gold prices surged in 2024 as investors and central banks sought safety amid rising geopolitical and economic uncertainty. Some countries expanded their reserves, while others capitalized on the high prices by selling substantial volumes. The team at BestBrokers analyzed the World Gold Council’s November release, covering all of the available data for 2025, to identify the world’s largest buyers and sellers of gold during this period. The complete dataset behind the report can be accessed on Google Drive via the following link.
Figures as of December 4 reveal that Poland has been the largest net buyer of gold in 2025, acquiring 82.7 tonnes of the precios metal within the first ten months of the year. Other countries with substantial increases to their official gold reserves include Kazakhstan, which added close to 41 tonnes to its holdings this year, and Brazil, which snapped a 49-month pause with two sizeable purchases – 15 tonnes in September and another 16 tonnes in November.
Central Banks’ Demand for Gold by Month in 2025:
(Net increase in official gold holdings in tonnes)
- January: 16.71 tonnes
- February: 30.66 tonnes
- March: 34.39 tonnes
- April: 19.11 tonnes
- May: 34.75 tonnes
- June: 42.23 tonnes
- July: 18.9 tonnes
- August: 25.71 tonnes
- September: 44.05 tonnes
- October: 53.88 tonnes
Other highlights from the report:
- As of December 2025, Poland is the largest net buyer of gold in 2025. Narodowy Bank Polski (NBP), the central bank of the country, has added 82.67 tonnes to its reserves between January and the end of October. Its official holdings now stand at 530.9 tonnes, representing 25.6% of its total foreign reserves.
- Kazakhstan and Brazil also acquired significant amounts of gold this year. Kazakhstan expanded its reserves by 40.97 tonnes to 325.02 tonnes, while Brazil added 31.48 tonnes in September and October, increasing its official gold holdings to 161.13 tonnes. Turkey and China continued buying, though at a much smaller scale this year, adding 26.68 tonnes and 24.88 tonnes of gold to their reserves, respectively.
- October was the strongest month for gold purchases this year, with central banks around the world securing a total of 53.88 tonnes of the precious metal. Currently, the global reserves of gold held in gold depositories stand at 36,457.4 tonnes, which at a price of €3,657.96 per troy ounce (intra-day spot gold price on December 4) are valued at around €4.29 trillion.
- Singapore has sold the most gold so far in 2025, a total of 15.24 tonnes at record high prices. The second-largest net seller of gold is Uzbekistan, which has sold 11.82 tonnes between January and the end of October.
- The United States has the largest gold reserve in the world, totaling 8,133.46 tonnes, followed by Germany with 3,350.25 tonnes. The gold holdings of Italy and France rank 3rd and 4th in world at 2,451.84 tonnes and 2,437 tonnes, respectively. However, Switzerland owns the most gold per capita in the world – roughly 3.73 ounces per resident worth €13,639.
‘Gold demand in 2025 has been shaped by a perfect storm of geopolitical unease, persistent inflation pressures, and a growing suspicion that traditional reserve assets aren’t as reliable as they once seemed. Central banks, particularly in emerging markets, have leaned heavily into gold as a hedge against currency volatility and an insurance policy in a year defined by conflict, political realignments and shifting alliances.
At the same time, investors have been driving gold towards record highs, seeking not just safety, but certainty, a rare commodity in today’s macro environment. The irony is that every new bout of instability sends even more buyers into the market, reinforcing the rally they’re trying to protect themselves from. Gold may not offer yield, but in 2025 it offers something far more valuable: a sense of control in a world that feels increasingly unpredictable.’– comments Paul Hoffman, lead data analyst at BestBrokers.
