Central banks bought 863 tonnes of gold in 2025, according to the World Gold Council. Reported as a slowdown, which it was, the figure is more usefully read the other way round: a fourth consecutive year of accumulation on a scale the official sector had not attempted in half a century.
The run, in tonnes
| Year | Central bank net purchases |
|---|---|
| 2022 | 1,082 tonnes, a record |
| 2023 | 1,037 tonnes |
| 2024 | Above 1,000 tonnes |
| 2025 | 863 tonnes |
Three years above a thousand tonnes, then a fourth close behind it. The National Bank of Poland was the largest single buyer in 2025, adding 102 tonnes to reach 550 tonnes of reserves.
The part that matters is the mix, not the total
Central banks accounted for close to a quarter of total gold demand in 2024, against roughly 12 percent across 2015 to 2019. That is the structural change. A reserve manager diversifying away from a currency is not buying gold because it looks cheap and does not stop because it looks expensive. Replacing price-sensitive demand with price-insensitive demand changes how the metal behaves in a drawdown.
A reserve manager diversifying away from a currency does not stop buying because the price looks expensive.
Rich & Richer
Two honest caveats
The first is disclosure. The World Gold Council notes a persistent gap between its estimates and officially reported purchases, meaning some institutions add to reserves without immediate disclosure. The published series is a floor, not a precise count.
The second is that none of this is a forecast. A four-year accumulation tells you what the official sector has done, not what it will do next. The Central Bank Gold Reserves Survey is the better guide to stated intent, and reserves by country shows where the holdings actually sit.
For a private balance sheet
Gold pays nothing, costs something to hold and is taxed differently across jurisdictions. The case for it has never been return, and central bank behavior does not change that. What has changed is who sits on the other side of the trade, which is a reason to understand the holding rather than to size it differently.
Frequently asked questions
How much gold did central banks buy in 2025?
863 tonnes, according to the World Gold Council. That was below the 1,000 tonne threshold passed in each of the three preceding years but still historically high.
What were the previous years?
1,082 tonnes in 2022 and 1,037 tonnes in 2023, the two largest years on record, followed by another year above 1,000 tonnes in 2024.
Who was the largest buyer in 2025?
The National Bank of Poland, which added 102 tonnes to take its reserves to 550 tonnes.
Why does central bank buying matter to private investors?
It changed the composition of demand. Central banks accounted for close to a quarter of total gold demand in 2024, against roughly 12 percent in the 2015 to 2019 period, and that buyer is not price-sensitive in the way jewelry or investment demand is.