Central banks started 2025 with continued gold buying, adding 18 tonnes in January. Emerging markets led this trend, with Uzbekistan, China, and Kazakhstan making the largest purchases. Poland and India each added 3 tonnes to their reserves.
The World Gold Council’s 2024 report shows central banks remain key drivers of gold demand, responding to both economic and geopolitical factors. Since 2022, as tensions shifted from military conflicts to economic uncertainties, central banks have increased their gold holdings. Many take advantage of price dips to buy while making tactical sales during price increases.
This ongoing interest highlights gold’s strategic value in official reserves as central banks work to diversify and safeguard against various risks in today’s uncertain global environment.