Fast Facts

• Central banks have purchased hundreds of tonnes of gold annually in recent years, one of the strongest buying waves in modern history.

• Poland was the largest central-bank gold buyer in 2025, adding roughly 95 tonnes to its reserves.

• Countries such as China, Kazakhstan, Brazil, and Türkiye have also expanded their gold reserves significantly.

• Many emerging markets are increasing gold holdings as part of long-term reserve diversification strategies.

Central banks have become one of the most powerful forces in the global gold market. Over the past several years, governments around the world have significantly increased their gold reserves as part of a broader strategy to diversify foreign-exchange holdings and strengthen financial stability.

This trend continued through 2025 and into 2026, with many countries—particularly emerging economies—adding gold to national reserves at a historically strong pace.

The largest buyers are typically central banks seeking to reduce reliance on foreign currencies, hedge geopolitical risk, and strengthen long-term reserve assets.

Poland: The Largest Gold Buyer

Poland has been one of the most aggressive gold buyers in recent years.

The National Bank of Poland added approximately 95 tonnes of gold in 2025, making it the largest central-bank buyer globally that year.

This increased Poland’s total gold reserves to roughly 550 tonnes, representing a significant share of the country’s total foreign-exchange reserves.

Polish officials have also indicated that they intend to continue increasing the country’s gold reserves in the coming years.

Poland’s strategy reflects a broader effort to strengthen national financial security amid geopolitical tensions in Eastern Europe and growing uncertainty in global financial markets.

China: A Long-Term Gold Accumulator

China remains one of the most closely watched buyers in the gold market.

The People’s Bank of China has steadily increased its gold reserves for years as part of a broader strategy to diversify away from U.S. dollar–denominated assets.

China has expanded its reserves through consistent monthly purchases, reflecting a long-term approach to reserve diversification.

The country now holds more than 2,000 tonnes of gold, placing it among the largest gold reserve holders in the world.

For China, gold functions as a strategic reserve asset that helps balance its large foreign-exchange holdings.

Kazakhstan: A Consistent Buyer

Kazakhstan has also been a steady participant in the global gold market.

The National Bank of Kazakhstan frequently purchases gold produced by domestic mining companies, allowing the country to convert natural resource production directly into national reserves.

Kazakhstan added roughly 40 tonnes of gold during 2025, bringing total reserves to more than 300 tonnes.

This strategy allows the country to strengthen financial reserves while supporting its domestic gold mining sector.

Brazil: Expanding Reserve Diversification

Brazil has also increased its gold purchases as part of a broader reserve diversification strategy.

The country added more than 30 tonnes of gold during 2025, bringing its total holdings to roughly 160 tonnes.

Brazil historically maintained relatively modest gold reserves compared with other major economies. However, recent purchases suggest policymakers are reevaluating gold’s role within national reserve portfolios.

Türkiye: Active in Gold Markets

Türkiye has long maintained significant gold reserves.

The Central Bank of Türkiye periodically adjusts its gold holdings as part of its broader monetary and financial stability strategy.

Gold also plays an important role in Türkiye’s domestic financial system, where households traditionally hold substantial quantities of gold as savings.

This cultural and financial relationship with gold contributes to the country’s active participation in precious-metals markets.

Other Countries Increasing Gold Reserves

Several additional countries have also expanded their gold reserves in recent years.

Examples include:

• Czech Republic, which has steadily increased reserves as part of a long-term strategy

• Uzbekistan, which purchases gold produced domestically

• Indonesia, which has modestly expanded its holdings

• Uganda, which recently launched a national gold-buying program

These purchases highlight a broader trend among emerging economies seeking to increase the share of gold within their reserve portfolios.

Why Countries Are Buying More Gold

The surge in central-bank gold purchases reflects several major macroeconomic trends.

Diversification Away From the U.S. Dollar

Many countries hold large portions of their reserves in dollar-denominated assets such as U.S. Treasury bonds.

Gold provides diversification because it is not tied to any single country or currency.

Geopolitical Risk

Sanctions and geopolitical tensions have encouraged some governments to reduce reliance on foreign financial systems.

Gold serves as a neutral reserve asset that is less vulnerable to financial sanctions.

Inflation and Currency Stability

High inflation in recent years has raised concerns about long-term currency stability.

Central banks sometimes increase gold holdings as a hedge against currency depreciation and monetary instability.

Strengthening National Financial Reserves

Gold remains one of the most widely recognized reserve assets in the global financial system.

Increasing gold reserves can strengthen a country’s balance sheet and improve confidence in national financial stability.

What This Means for Gold Markets

Central-bank demand has become one of the most important drivers of the global gold market.

Because gold supply grows slowly through mining, sustained purchases by governments can have a significant impact on long-term market dynamics.

Analysts expect central-bank buying to remain strong as countries continue diversifying reserves.

The Global Shift Toward Gold Reserves

The countries buying the most gold in 2026 reflect a broader shift in global reserve management.

Poland, China, Kazakhstan, Brazil, Türkiye, and several other emerging economies are steadily increasing their gold holdings as part of long-term financial strategies.

This trend suggests that gold is once again becoming a central component of national reserve portfolios.

As geopolitical tensions, debt levels, and economic uncertainty persist, central banks are likely to remain major buyers of gold in the years ahead.