Driven by mounting geopolitical tensions, inflationary pressures, and a growing skepticism of the U.S. dollar, central banks around the world continued their gold-buying spree in early 2025. According to the World Gold Council, global central bank gold reserves rose again in the first quarter of 2025, marking another year of strong demand following the historic highs of 2022 and 2023.
Central banks added a net 243.7 tonnes of gold in Q1 2025 alone, exceeding 44 of the last 50 quarters. The continued accumulation reflects a broader pivot away from dollar-denominated reserves, particularly among emerging economies. Gold’s role as a hedge against currency volatility and a symbol of monetary independence has gained prominence amid ongoing conflicts in Eastern Europe and the Middle East, U.S.-China trade tensions, and the prospect of long-term de-dollarization.
Notably, the People’s Bank of China was one of the largest buyers of gold in the last year, extending a purchasing streak that began in late 2022. China added 29.9 tonnes of gold from Q1 2024 to Q1 2024, the fourth largest increase of any country. Other major buyers include Turkey, India, and Kazakhstan – countries that have faced either economic volatility or geopolitical frictions with the West. A closer look at the data reveals the countries buying up the most gold in the face of economic uncertainty.
To determine the countries buying up the world’s gold, My Investing News reviewed data on gold reserves by central bank from the World Gold Council. Countries were ranked based on the net change in gold reserves held by a central bank from Q1 2024 to Q1 2025. Supplemental data on the value of gold reserves and gold reserves as percentage of all foreign reserves also came from the World Gold Council. The value of gold holdings was determined by the WGC and is based on the fourth quarter LBMA Gold Price for each year. Data on population is from the World Bank and is for 2023.
20. Bangladesh
- Gold reserves, Q1 2025: 14.3 tonnes (+<0.1 tonnes from Q1 2024)
- Gold reserve value, Q1 2025: $1.4 billion (+$415.0 million from Q1 2024)
- Gold as share of total reserves, Q1 2025: 7.0% (+1.9 ppts from Q1 2024)
- Total reserves, Q1 2025: $20.4 billion (+$507.3 million from Q1 2024)
- World Uncertainty Index score: 1.49180
- Population: 171.5 million
19. Malta
- Gold reserves, Q1 2025: 0.3 tonnes (+<0.1 tonnes from Q1 2024)
- Gold reserve value, Q1 2025: $24.9 million (+$9.4 million from Q1 2024)
- Gold as share of total reserves, Q1 2025: 1.7% (+0.6 ppts from Q1 2024)
- Total reserves, Q1 2025: $1.5 billion (+$80.7 million from Q1 2024)
- World Uncertainty Index score: N/A
- Population: 552,747
18. Portugal
- Gold reserves, Q1 2025: 382.7 tonnes (+0.1 tonnes from Q1 2024)
- Gold reserve value, Q1 2025: $38.3 billion (+$11.1 billion from Q1 2024)
- Gold as share of total reserves, Q1 2025: 84.0% (+10.7 ppts from Q1 2024)
- Total reserves, Q1 2025: $45.6 billion (+$8.4 billion from Q1 2024)
- World Uncertainty Index score: 0.40707
- Population: 10.6 million
17. Pakistan
- Gold reserves, Q1 2025: 64.8 tonnes (+0.1 tonnes from Q1 2024)
- Gold reserve value, Q1 2025: $6.5 billion (+$1.9 billion from Q1 2024)
- Gold as share of total reserves, Q1 2025: 35.3% (+2.1 ppts from Q1 2024)
- Total reserves, Q1 2025: $18.4 billion (+$4.5 billion from Q1 2024)
- World Uncertainty Index score: 0.20705
- Population: 247.5 million
16. France
- Gold reserves, Q1 2025: 2,437.0 tonnes (+0.1 tonnes from Q1 2024)
- Gold reserve value, Q1 2025: $244.1 billion (+$70.6 billion from Q1 2024)
- Gold as share of total reserves, Q1 2025: 74.8% (+6.1 ppts from Q1 2024)
- Total reserves, Q1 2025: $326.5 billion (+$73.6 billion from Q1 2024)
- World Uncertainty Index score: 0.41684
- Population: 68.3 million
15. Greece
- Gold reserves, Q1 2025: 114.6 tonnes (+0.2 tonnes from Q1 2024)
- Gold reserve value, Q1 2025: $11.5 billion (+$3.3 billion from Q1 2024)
- Gold as share of total reserves, Q1 2025: 67.5% (+9.4 ppts from Q1 2024)
- Total reserves, Q1 2025: $17.0 billion (+$3.0 billion from Q1 2024)
- World Uncertainty Index score: 0.50585
- Population: 10.4 million
14. Slovenia
- Gold reserves, Q1 2025: 03.5 tonnes (+0.3 tonnes from Q1 2024)
- Gold reserve value, Q1 2025: $348.9 million (+$123.0 million from Q1 2024)
- Gold as share of total reserves, Q1 2025: 11.5% (+2.9 ppts from Q1 2024)
- Total reserves, Q1 2025: $3.0 billion (+$415.0 million from Q1 2024)
- World Uncertainty Index score: 0.27293
- Population: 2.1 million
13. Ukraine
- Gold reserves, Q1 2025: 27.4 tonnes (+0.3 tonnes from Q1 2024)
- Gold reserve value, Q1 2025: $2.7 billion (+$814.8 million from Q1 2024)
- Gold as share of total reserves, Q1 2025: 6.5% (+2.1 ppts from Q1 2024)
- Total reserves, Q1 2025: $42.4 billion (-$1.4 billion from Q1 2024)
- World Uncertainty Index score: 0.26518
- Population: 37.7 million
12. Egypt
- Gold reserves, Q1 2025: 128.3 tonnes (+01.8 tonnes from Q1 2024)
- Gold reserve value, Q1 2025: $12.8 billion (+$3.8 billion from Q1 2024)
- Gold as share of total reserves, Q1 2025: 28.1% (+4.5 ppts from Q1 2024)
- Total reserves, Q1 2025: $45.8 billion (+$7.5 billion from Q1 2024)
- World Uncertainty Index score: 0.14821
- Population: 114.5 million
11. Jordan
- Gold reserves, Q1 2025: 72.3 tonnes (+05.6 tonnes from Q1 2024)
- Gold reserve value, Q1 2025: $7.2 billion (+$2.5 billion from Q1 2024)
- Gold as share of total reserves, Q1 2025: 31.2% (+6.9 ppts from Q1 2024)
- Total reserves, Q1 2025: $23.2 billion (+$3.7 billion from Q1 2024)
- World Uncertainty Index score: N/A
- Population: 11.4 million
10. Serbia
- Gold reserves, Q1 2025: 49.1 tonnes (+08.4 tonnes from Q1 2024)
- Gold reserve value, Q1 2025: $4.9 billion (+$2.0 billion from Q1 2024)
- Gold as share of total reserves, Q1 2025: 15.9% (+5.1 ppts from Q1 2024)
- Total reserves, Q1 2025: $30.9 billion (+$4.0 billion from Q1 2024)
- World Uncertainty Index score: N/A
- Population: 6.6 million
9. Kyrgyzstan
- Gold reserves, Q1 2025: 34.3 tonnes (+09.5 tonnes from Q1 2024)
- Gold reserve value, Q1 2025: $3.4 billion (+$1.7 billion from Q1 2024)
- Gold as share of total reserves, Q1 2025: 63.3% (+12.7 ppts from Q1 2024)
- Total reserves, Q1 2025: $5.4 billion (+$1.9 billion from Q1 2024)
- World Uncertainty Index score: 0.53050
- Population: 7.1 million
8. Uzbekistan
- Gold reserves, Q1 2025: 367.6 tonnes (+09.9 tonnes from Q1 2024)
- Gold reserve value, Q1 2025: $36.8 billion (+$11.4 billion from Q1 2024)
- Gold as share of total reserves, Q1 2025: 77.0% (+2.8 ppts from Q1 2024)
- Total reserves, Q1 2025: $47.8 billion (+$13.5 billion from Q1 2024)
- World Uncertainty Index score: N/A
- Population: 35.7 million
7. Qatar
- Gold reserves, Q1 2025: 113.6 tonnes (+11.1 tonnes from Q1 2024)
- Gold reserve value, Q1 2025: $11.4 billion (+$4.1 billion from Q1 2024)
- Gold as share of total reserves, Q1 2025: 20.9% (+6.8 ppts from Q1 2024)
- Total reserves, Q1 2025: $54.4 billion (+$2.5 billion from Q1 2024)
- World Uncertainty Index score: N/A
- Population: 2.7 million
6. Hungary
- Gold reserves, Q1 2025: 110.0 tonnes (+15.5 tonnes from Q1 2024)
- Gold reserve value, Q1 2025: $11.0 billion (+$4.3 billion from Q1 2024)
- Gold as share of total reserves, Q1 2025: 22.3% (+8.9 ppts from Q1 2024)
- Total reserves, Q1 2025: $49.3 billion (-$670.0 million from Q1 2024)
- World Uncertainty Index score: N/A
- Population: 9.6 million
5. Czech Republic
- Gold reserves, Q1 2025: 56.2 tonnes (+20.6 tonnes from Q1 2024)
- Gold reserve value, Q1 2025: $5.6 billion (+$3.1 billion from Q1 2024)
- Gold as share of total reserves, Q1 2025: 3.7% (+2.0 ppts from Q1 2024)
- Total reserves, Q1 2025: $152.5 billion (+$3.4 billion from Q1 2024)
- World Uncertainty Index score: 0.15658
- Population: 10.9 million
4. China
- Gold reserves, Q1 2025: 2,292.3 tonnes (+29.9 tonnes from Q1 2024)
- Gold reserve value, Q1 2025: $229.6 billion (+$68.5 billion from Q1 2024)
- Gold as share of total reserves, Q1 2025: 6.5% (+1.9 ppts from Q1 2024)
- Total reserves, Q1 2025: $3.5 trillion (+$64.1 billion from Q1 2024)
- World Uncertainty Index score: 0.07097
- Population: 1.4 billion
3. Turkey
- Gold reserves, Q1 2025: 623.9 tonnes (+53.6 tonnes from Q1 2024)
- Gold reserve value, Q1 2025: $62.5 billion (+$21.9 billion from Q1 2024)
- Gold as share of total reserves, Q1 2025: 43.7% (+6.5 ppts from Q1 2024)
- Total reserves, Q1 2025: $143.1 billion (+$33.8 billion from Q1 2024)
- World Uncertainty Index score: 0.42102
- Population: 85.3 million
2. India
- Gold reserves, Q1 2025: 879.6 tonnes (+57.5 tonnes from Q1 2024)
- Gold reserve value, Q1 2025: $88.1 billion (+$29.6 billion from Q1 2024)
- Gold as share of total reserves, Q1 2025: 13.5% (+4.5 ppts from Q1 2024)
- Total reserves, Q1 2025: $653.1 billion (+$837.5 million from Q1 2024)
- World Uncertainty Index score: 0.21575
- Population: 1.4 billion
1. Poland
- Gold reserves, Q1 2025: 496.8 tonnes (+138.1 tonnes from Q1 2024)
- Gold reserve value, Q1 2025: $49.8 billion (+$24.2 billion from Q1 2024)
- Gold as share of total reserves, Q1 2025: 21.0% (+8.4 ppts from Q1 2024)
- Total reserves, Q1 2025: $237.4 billion (+$34.9 billion from Q1 2024)
- World Uncertainty Index score: 0.14794
- Population: 36.7 million
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