Central Bank Gold Demand Hits 863 Tonnes in 2025: WGC

Turkey remained a steady buyer, China added a modest 27 tonnes in 2025, and the Czech National Bank continued its gradual accumulation.

SEATTLE (Scrap Monster): Net central bank gold demand rose to 230 tonnes in Q4 2025, marking a 6% increase from 218 tonnes in the previous quarter, despite gold prices trading at record highs. This late-year surge capped a resilient year of official sector buying, underscoring gold’s continued strategic importance to central banks worldwide.

While reported purchases were relatively subdued for much of 2025 amid sharp price rallies, Q4 buying lifted full-year central bank gold demand to a robust 863 tonnes. Although below the exceptional 1,000-plus tonne levels recorded in recent years, demand remained well above the 2010–2021 annual average of 473 tonnes, reflecting structurally stronger interest, particularly among emerging market institutions.

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The National Bank of Poland led global buying, adding 35 tonnes in Q4 and 102 tonnes over the year, raising its reserves to 550 tonnes. Kazakhstan followed with record annual purchases of 57 tonnes, while Brazil re-entered the market after a four-year hiatus, accumulating 43 tonnes. Turkey remained a steady buyer, China added a modest 27 tonnes in 2025, and the Czech National Bank continued its gradual accumulation.

Gold selling activity remained limited in 2025, highlighting the enduring role of gold as a reserve asset amid persistent geopolitical and economic uncertainty.