Gold purchases by central banks around the world increased sharply in the third quarter of 2025, after 2 quarters of stagnation. Total net gold purchases reached about 220 tons, up 28% over the second quarter and 6% above the average of the past 5 years.
World gold prices have increased by about 50% since the beginning of the year, continuously reaching new peaks. Although high gold prices have slowed down buying activities, the continued increase in central banks' gold reserves in the third quarter showed that gold is still considered a strategic asset by central banks despite its record high prices.
This trend is consistent with the results of the 2025 Central Bank Gold Survey, in which the majority of banks surveyed expressed their intention to increase gold reserves in 2026.
Since the beginning of the year, global central banks have added 634 tons of gold, lower than the same period 3 years ago but still far exceeding the average of 400-500 tons/year before 2022. Although demand for gold in 2025 may not reach the peak as in recent years, general demand is still assessed to be high.
In the third quarter, central banks in emerging markets continued to be the main group buying gold, with many banks returning to the market after a long hiatus.
The Central Bank of Kazakhstan bought the most, adding 18 tons, bringing total gold reserves to 324 tons. The Brazilian Central Bank added 15 tons in September, bringing total reserves to 145 tons. Notably, the bank's last gold purchase was in July 2021.
The Central Bank of Turkey also continued to increase purchases, adding 7 tons of gold reserves in the third quarter, bringing the total official reserves (including reserves of the central bank and the Ministry of Finance) to 641 tons.
The Central Bank of Guatemala added 6 tonnes, up 91%. Gold currently accounts for 5% of Guatemala's total national reserves.
Central banks of other countries recorded smaller purchases in the third quarter, including: Iraq (6 tons), China (5 tons), Czech (5 tons), Ghana (4 tons), Azerbaijan (4 tons), Bulgaria (2 tons - contributed to the European Central Bank's reserves before the country is expected to join the eurozone in 2026), Indonesia (2 tons), Philippines (2 tons), Kyrgyzstan (1 tons), Serbia (1 tons).
In contrast, only the central banks of the two countries recorded a decrease in gold reserves in the third quarter, including: Uzbekistan (down 3 tons) and Qatar (down 1 ton).
The National Bank of Poland (NBP) continues to lead in its largest gold purchase volume this year, despite a temporary purchase suspension since May. The NBP said it still maintains its goal of increasing the share of gold in total foreign exchange reserves from 20% to 30%, but the buying speed will depend on the developments of the gold market. Currently, NBP has 515 tons of gold, accounting for 24% of total national reserves.
When comparing Q3 data with monthly statistics, it is estimated that about 66% of gold purchases in this quarter have not been officially announced. This situation has been going on since 2022 and the data could be adjusted when countries report late.
It is expected that in the fourth quarter, central banks will still net buy gold, although the volume may fluctuate according to the price of the world gold market. Although the purchase volume for the whole year of 2025 may be lower than in recent years, demand is still much higher than the historical average, showing that gold is still an important strategic asset in the investment portfolio of global central banks.
