Global official gold reserves saw a net increase of 20 tonnes in May, according to the latest data from the World Gold Council (WGC). While this marks a modest rise compared to April, it remains below the 12-month average monthly purchase of 27 tonnes.
Kazakhstan Leads Central Bank Gold Purchases
The National Bank of Kazakhstan topped the list of buyers in May, adding 7 tonnes of gold to its reserves, bringing its total holdings to 299 tonnes—an increase of 15 tonnes since the beginning of the year.
The Turkish central bank and Poland’s national bank also recorded net purchases of 6 tonnes each. Poland has now bought a total of 67 tonnes in 2025, making it the largest net buyer of gold among central banks so far this year.
Other notable buyers in May include:
The People’s Bank of China and the Czech National Bank, each adding 2 tonnes.
The central banks of Kyrgyzstan, Cambodia, the Philippines, and Ghana, each adding 1 tonne.
Singapore and Uzbekistan Lead Gold Sales
On the other hand, the Monetary Authority of Singapore was the largest seller in May, reducing its gold reserves by 5 tonnes. It was followed by Uzbekistan and Germany’s Bundesbank, both selling 1 tonne.
On a year-to-date basis, Uzbekistan remains the largest net seller with 27 tonnes sold, followed by Singapore with 10 tonnes.
2025 Survey: Central Banks Increasingly Bullish on Gold
The World Gold Council’s 2025 Central Bank Gold Reserves Survey revealed a significant shift in sentiment among central banks:
95% of respondents expect global official gold reserves to rise over the next 12 months, up from 81% in last year’s survey.
43% plan to increase their own gold reserves—the highest level ever recorded, compared to 29% in 2024.
A record 73 central banks participated in the survey, highlighting growing interest in managing gold as a strategic reserve asset.
76% expect gold to account for a larger share of their reserves in the next five years.
73% anticipate a decline in the U.S. dollar’s share of reserves.
A Structural Shift in Reserve Management
This shift reflects a reassessment of gold’s role as a safe-haven asset and hedge against inflation and geopolitical risk—particularly amid ongoing tensions in the Middle East, which have increased gold’s strategic appeal to monetary policymakers.
Additionally, the rise in the number of central banks actively managing their gold holdings (44% in 2025, up from 37% in 2024) indicates a trend toward more professionalized reserve management strategies.