Central banks bought 19 tonnes of gold in December 2025, closing out a year of sustained purchases despite record-high prices, according to data released by the World Gold Council.
The Central Bank of Uzbekistan led December purchases with 10 tonnes, followed by Kazakhstan’s central bank with 8 tonnes and Poland’s with 7 tonnes. The Kyrgyz Republic, Czech Republic, Mongolia, and Indonesia also added to reserves during the month, each purchasing 1 to 2 tonnes.
China extended its monthly gold buying streak to 14 consecutive months with a December purchase, though the People’s Bank of China added just 3 tonnes in the fourth quarter overall. China’s gold reserves now stand at 2,306 tonnes, accounting for almost 9% of its total reserves.
Singapore was December’s largest seller, reducing reserves by 11 tonnes during the month.
The December activity brought full-year 2025 reported net purchases to 328 tonnes, a 5% decline from the 345 tonnes purchased in 2024. Poland led annual purchases with 102 tonnes, followed by Kazakhstan at 57 tonnes and Azerbaijan’s State Oil Fund at 53 tonnes. Brazil added 43 tonnes, while both China and Turkey purchased 27 tonnes each.
Singapore sold the most gold during the full year, reducing reserves by 26 tonnes. Ghana sold 12 tonnes and Russia 6 tonnes, making them the only other significant sellers in 2025.
The 2025 purchasing pace remained well above the pre-2022 annual average of 400-500 tonnes, even as gold prices surged to record highs above $4,000 per ounce. Central banks purchased 220 tonnes in the third quarter alone, a 28% increase from the previous quarter, according to World Gold Council data.
Poland’s central bank announced plans to increase its target allocation of gold in foreign reserves from 20% to 30%, though it has not made major purchases since May. The National Bank of Kazakhstan stated it would continue buying gold as trade tensions grow.
The Czech Republic maintained steady accumulation, purchasing 20 tonnes in 2025 similar to preceding years. The Czech National Bank aims to hold 100 tonnes of gold by the end of 2028, up from the current 72 tonnes.
Brazil’s central bank returned to the gold market after more than four years, while Guatemala’s central bank increased reserves by 91%, bringing gold to 5% of its total reserves.
The gap between World Gold Council estimates and officially reported data suggests unreported buying accounted for 57% of annual central bank demand in 2025. Some institutions add to reserves without immediate disclosure, a consistent trend in recent years.
The World Gold Council’s 2025 Central Bank Gold Survey found 95% of respondents expected global official gold reserves to increase over the next 12 months, the highest level of optimism in the survey’s eight-year history. A record 43% of central banks indicated plans to increase their own holdings, up from 29% in 2024.
Global central bank gold holdings amount to nearly 36,200 tonnes and account for almost 20% of official reserves, up from around 15% at the end of 2023, according to IMF data.
Central banks have purchased more than 1,000 tonnes annually from 2022 through 2024, driven partly by concerns over reserve security following Western sanctions on Russia’s currency reserves in 2022.
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