WGC reported that Central banks worldwide continued their gold accumulation trend in 2025, though at a slightly reduced pace, with reported full-year global net purchases totaling 328 tonnes compared to 345 tonnes in 2024. Poland’s National Bank led all buyers, adding 102 tonnes to its reserves—representing nearly a third of global purchases. Other major buyers included Kazakhstan (57t), Azerbaijan’s SOFAZ sovereign wealth fund (53t), Brazil (43t), China (27t), and Turkey (27t), demonstrating continued appetite from emerging market central banks seeking to diversify reserves.

On the selling side, the market saw limited activity, with Singapore leading net sellers at 26 tonnes, followed by Ghana (12t) and Russia (6t). The overwhelming concentration of buying activity versus selling highlights central banks’ continued preference for gold as a strategic reserve asset, particularly among Eastern European, Asian, and Latin American monetary authorities. This sustained demand reflects ongoing concerns about currency diversification, geopolitical uncertainty, and inflation protection, even as the pace of accumulation moderates slightly from the previous year’s levels.