Central Banks Add Just 10 Tonnes of Gold to Reserves in July Despite High Prices

World Gold Council data showed that central banks around the world added only 10 tonnes of gold to their reserves in July 2025, a slower pace compared to previous months. However, they remain net buyers of the precious metal despite prices staying at elevated levels.

Emerging Market Central Banks Lead the Moves

Kazakhstan stood out, adding 3 tonnes in July, bringing its total purchases since the start of the year to 25 tonnes, making it the third-largest official buyer of gold in 2025, after Poland and Azerbaijan.

Turkey, China, and the Czech Republic each added 2 tonnes to their reserves.

The Central Bank of Turkey extended its buying streak to 26 consecutive months since June 2023.

The Czech National Bank has now increased its holdings for 29 straight months since March 2023.

The People’s Bank of China continued its accumulation for the ninth consecutive month, with total purchases reaching 36 tonnes since late 2024.

Poland Remains on Top

Poland continues to be the largest gold buyer in 2025, with total acquisitions of 67 tonnes year-to-date, although its reserves have remained unchanged since May.

Uganda Joins the Trend

The Bank of Uganda announced the launch of a two-to-three-year pilot program to purchase gold locally from artisanal miners. The initiative, first unveiled in August 2024, is aimed at building official gold reserves and reducing reliance on traditional foreign assets.

Outlook

Despite the slower pace, the continued net buying trend underscores the enduring role of gold as a strategic reserve asset, particularly for emerging market central banks seeking to diversify their holdings away from the U.S. dollar and other Western assets.