Brazil’s central bank increased its gold reserves by about 16 metric tonnes in September 2025, marking its first addition since 2021, according to new data from the International Monetary Fund’s International Financial Statistics.
The latest IMF figures show Brazil’s official gold holdings rose to 145.1 tonnes in September, up from 129.7 tonnes the previous month. The addition places Brazil among a growing group of emerging-market central banks expanding bullion reserves amid record gold prices and ongoing global economic uncertainty.
The move extends a historic buying spree by BRICS nations — Brazil, Russia, India, China and South Africa, along with newer members — that has reshaped global gold markets. Central banks worldwide purchased more than 1,000 tonnes of gold annually from 2022 through 2024, according to the World Gold Council, marking the longest such streak in modern history. Buying remained strong in 2025, with 244 tonnes added in the first quarter alone, the council said.
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“Central bank demand remains robust,” the World Gold Council noted in its latest quarterly report, adding that monthly purchases ranged from 10 to 22 tonnes through August 2025, despite elevated gold prices.
BRICS members now collectively hold more than 6,000 tonnes of gold, roughly one-fifth of global central bank reserves. Russia leads with 2,336 tonnes, followed by China with 2,298 tonnes and India with 880 tonnes.
Poland was the largest official-sector buyer in 2024, adding 90 tonnes, and continued leading in 2025 with 67 tonnes through mid-year. India accumulated 73 tonnes in 2024, more than quadruple its 2023 purchases, while Turkey added 72 tonnes and China resumed buying after a brief pause, adding gold for nine consecutive months through July 2025.
The accumulation reflects efforts by emerging economies to diversify away from U.S. dollar–denominated assets. The World Gold Council’s 2025 Central Bank Gold Reserves Survey found that 73% of central bankers expect the dollar’s share of global reserves to decline over the next five years, while 43% plan to increase gold holdings — both record highs.
Brazil last boosted its reserves between May and July 2021, adding more than 62 tonnes in three months. Before that, the country had not significantly expanded its gold holdings since 2012.
The United States remains the world’s largest holder with 8,133 tonnes, followed by Germany with 3,352 tonnes and Italy with 2,452 tonnes. Emerging-market central banks, however, have accounted for nearly all of the growth in official gold demand since 2022.
Global central bank gold purchases totaled 1,086 tonnes in 2024, revised upward from initial estimates, and analysts expect the trend to continue through 2025. Gold prices hit record highs above $4,100 per ounce this week, up more than 55% from a year earlier, driven by sustained central bank demand, geopolitical tensions, and economic uncertainty.
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