The latest data released by the World Gold Council show that central banks continued to play a pivotal role in supporting global gold demand throughout 2025, despite a moderate slowdown in the pace of purchases compared to 2024, amid shifting global monetary policies and changes in reserve management strategies.
December 2025 Purchases: Official Demand Remains Supportive
According to the report, central banks purchased 19 tonnes of gold in December 2025, based on data reported through the International Monetary Fund and other official public sources. These purchases brought total reported net central bank buying for the full year 2025 to 328 tonnes.
Although this figure remains historically strong, it was lower than net purchases recorded in 2024, which reached approximately 345 tonnes, indicating a mild deceleration rather than a reversal of the broader accumulation trend.
Uzbekistan Leads December Buying
The Central Bank of Uzbekistan was the largest buyer in December, adding 10 tonnes of gold to its reserves, underscoring the continued preference among some emerging economies to strengthen gold holdings as a hedge and a tool for reserve diversification.
The National Bank of Kazakhstan followed with 8 tonnes, while the National Bank of Poland added 7 tonnes during the same month.
December also saw smaller additions by several other countries, including China, the Czech Republic, Mongolia, Indonesia, and the Kyrgyz Republic, highlighting the geographically broad-based nature of official-sector gold demand.
China Extends Its Buying Streak for the 14th Consecutive Month
China continued its steady accumulation strategy, extending its gold purchases for the fourteenth consecutive month, signaling Beijing’s ongoing commitment to gold as a strategic component of its foreign exchange reserves, particularly amid geopolitical uncertainty and currency market volatility.
This policy is widely viewed as part of a broader effort by some central banks to reduce reliance on the U.S. dollar and strengthen holdings of universally accepted tangible assets.
Singapore the Largest Seller in December
In contrast, Singapore reduced its gold reserves in December, emerging as the largest reported seller during the month, with reserves declining by 11 tonnes. This move reflects differing reserve management strategies, with some central banks opting to rebalance portfolios or take profits following periods of elevated gold prices.
Full-Year 2025 Review: Poland Tops the List
On an annual basis, the report shows that the National Bank of Poland was the largest net buyer of gold in 2025, adding 102 tonnes to its reserves—one of the strongest annual accumulation efforts globally.
Other notable net buyers during the year included:
Kazakhstan: 57 tonnes
Azerbaijan State Oil Fund (SOFAZ): 53 tonnes
Brazil: 43 tonnes
China: 27 tonnes
Turkey: 27 tonnes
These figures underscore the continued commitment of both emerging and major economies to gold as a long-term strategic reserve asset.
Largest Net Sellers in 2025
On the selling side, Singapore led global net sales in 2025, reducing its holdings by 26 tonnes, followed by:
Ghana: 12 tonnes
Russia: 6 tonnes
The report emphasizes that such sales do not necessarily signal declining confidence in gold, but rather reflect country-specific reserve and liquidity management decisions.
Analytical Perspective: Gold Remains a Cornerstone of Reserve Strategy
Despite the slight year-on-year decline in net purchases, the World Gold Council stresses that official-sector gold demand remains robust, with 2025 levels still well above historical averages seen prior to 2022.
Key drivers supporting continued central bank interest in gold include:
Persistent geopolitical uncertainty
Volatility in currency and interest rate markets
A growing desire to diversify reserves away from paper-based assets
Methodological Notes
The World Gold Council notes that the central bank demand figures presented are based solely on publicly reported changes in official gold reserves. As a result, actual central bank demand may be higher when unreported purchases are taken into account.
The report also highlights that data from the Azerbaijan State Oil Fund (SOFAZ) are reported on a quarterly basis only and may not be fully reflected in monthly totals. Minor discrepancies may also arise due to rounding.
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