Gold investment demand in 2025 is expected to reach 2,175 tons, far exceeding the net purchases of 863 tons by central banks, indicating that individual and institutional investors are leading the trend of gold accumulation.
This difference reflects a gold price environment that continuously reaches peaks, making it difficult for the central bank to 'time' the buying points, although gold accumulation activities remain persistent. Data from the World Gold Council shows that many organizations continue to increase their reserves, a significant portion of which are unreported transactions.
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In 2025, gold investment demand of 2,175 tons far exceeds the net purchases of 863 tons by central banks.
Poland, Kazakhstan, Brazil, and several other countries continue to increase their gold reserves despite high prices, with clear reserve targets.
The World Gold Council estimates that 57% of the gold purchases by central banks in 2025 are not publicly reported.
Gold investment demand in 2025 far exceeds the purchases of central banks.
In 2025, gold investment demand reached 2,175 tons, much higher than the 863 tons net purchases by central banks, indicating that investor cash flows are dominating.
This gap is equivalent to individual and institutional investors buying nearly three times as much compared to central banks. The trend does not stem from central banks 'running out of demand,' but primarily due to continuously rising gold prices hitting new records, making the timing of disbursement more difficult throughout the year.
The World Gold Council reported that in Q4 2025, central banks still bought 230 tons, up 6% from Q3 2025's 218 tons. The total for 2025 reached 863 tons, lower than the 'explosive' years that once touched 1,000 tons, but still significantly higher than the average of 473 tons/year during the 2010–2021 period.
Gold buying activities continue even as prices rise sharply. There are 22 entities that have purchased at least 1 ton, and 7 of those contributed the majority of the purchase volume. This indicates that the buying power is concentrated in a group of central banks with clear reserve strategies, rather than being widely dispersed.
Poland, Kazakhstan, and Brazil are increasing their gold reserves despite high prices.
Poland leads gold purchases in 2025 with 102 tons, Kazakhstan purchased 57 tons, and Brazil returned to the market with 43 tons, indicating that many countries still prioritize gold accumulation.
Poland raises its reserve target, buying heavily throughout the year.
The National Bank of Poland purchased 102 tons in 2025, including 35 tons in Q4. As a result, total gold reserves reached 550 tons, corresponding to 28% of total reserves. In October, Poland raised its gold ratio target from 20% to 30%.
Governor Adam Glapiński stated the desire to raise reserves to 700 tons for 'national security reasons,' but did not specify a timeline. This signal indicates that Poland's direction is not only to rebalance reserves but also to accumulate strategically in the long term.
Kazakhstan recorded its largest gold purchase year since 1993.
Kazakhstan purchased an additional 57 tons in 2025, of which Q4 contributed 17 tons, marking the country's largest annual purchase since 1993. The Ministry of Industry allowed a maximum purchase of 67 tons.
In February, Kazakhstan froze gold selling activities from domestic production sources. By June, Governor Timur Suleimenov emphasized: 'We want to maintain a net buying position in gold' until global issues subside. This reflects a priority for macro risk defense through non-credit reserve assets.
Brazil returned to the gold market after many years, while other countries continued to add.
Brazil returned to gold buying for the first time since 2021, adding 43 tons between September and November, raising its reserves to 172 tons. However, newly acquired gold only accounts for 7% of Brazil's total reserves.
The Czech National Bank purchased an additional 20 tons, raising total holdings to 72 tons, with a target of 100 tons by 2028. The Central Bank of Turkey purchased 27 tons as of October, bringing the combined total holdings of the central bank and treasury to 644 tons. The State Oil Fund of Azerbaijan (SOFAZ) purchased 38 tons from Q1 to Q3, with Q4 figures yet to be published.
China has slowed its official purchases, but 'hidden' buying still accounts for a large share.
The People's Bank of China only purchased 3 tons in Q4 2025, while the World Gold Council estimates that 57% of the gold purchases by central banks in 2025 are not reported.
According to the World Gold Council, the People's Bank of China purchased an additional 3 tons in Q4 2025, the lowest level since early 2024. The total net purchases in 2025 amount to 27 tons, bringing the gold reserves to 2,306 tons, nearly 9% of the country's total reserves.
The year 2025 saw fewer sellers: Singapore reduced its sales by 15 tons, Russia sold 6 tons. Germany's Bundesbank sold 1 ton for coin minting, and the central bank of Jordan also sold 1 ton. The picture shows that most central banks still lean towards holding or buying more, rather than reducing reserves.
Notably, the World Gold Council estimates that 57% of the total gold purchases by central banks in 2025 are not publicly reported. Many institutions may accumulate quietly without issuing statements. Metals Focus and Refinitiv are noted to have confirmed the gap between official reported data and actual market conditions.
The market value of gold surpassed U.S. Treasury bonds held by foreigners at the end of 2025.
At the end of 2025, the official global gold reserves were valued at $5.0 trillion, higher than $3.9 trillion in U.S. Treasury bonds held by foreigners.
This comparison shows that the reserve role of gold is becoming more prominent amid many parties diversifying their safe assets. Although part of the central bank's buying occurs quietly, the overall trend remains one of continued accumulation, while investors are buying faster than both central banks and funds.
Frequently Asked Questions
In 2025, what is the demand for gold investment and the amount purchased by central banks?
Gold investment demand in 2025 reached 2,175 tons, while the total net purchases by central banks were 863 tons.
Which central bank bought the most gold in 2025?
The National Bank of Poland purchased the most, with 102 tons in 2025, bringing total reserves to 550 tons.
How much gold did China buy in 2025?
The People's Bank of China net purchased 27 tons in 2025 and bought an additional 3 tons in Q4 2025, raising total reserves to 2,306 tons.
What does 'unreported gold purchases' by central banks mean?
This is the portion of gold purchases that are not disclosed in the official data of each country at the time of occurrence. The World Gold Council estimates that 57% of the gold purchases by central banks in 2025 belong to the unreported group.
At the end of 2025, which is worth more: gold or U.S. Treasury bonds?
Gold is larger: the official global gold reserves are valued at $5.0 trillion, compared to $3.9 trillion in U.S. Treasury bonds held by foreigners.