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The "golden" race of states in 2025 - which country bought the most gold
In 2025, the world's central banks staged a real "gold race", building up reserves amid geopolitical risks, a weakening dollar and inflation. Record demand in the third quarter reached 1313,67 tons, with Poland leading the way with 10 tons since the beginning of the year, bringing it into the top {{4}} holders of the yellow metal.
Record surge in gold demand in Q3 2025
According to the World Gold Council, central banks purchased 220 tons of gold in the third quarter, up 28% from Q2. Total demand, including ETFs (+222 tons) and OTC investments, set a historic high of 1313,146 tons worth ${{6}} billion.
This boom is explained by a structural shift: gold is becoming an alternative to the dollar in reserves. In the first three quarters of 2025, central banks bought 634 tons, less than last year but above the average for 2022. Analysts predict 750-900 tons per year through 2026.
Leaders of the "golden race": Poland strengthens its position
Poland confidently tops the 2025 buyer ranking, adding 67 tons (including 49 in Q1 and 19 in Q2). The National Bank of Poland has raised its target share of gold to 20-22% of reserves, making the country the largest buyer for the second year in a row.
Top buyers since the beginning of the year:
- Poland - 67 tons;
- Azerbaijan - about 34.5 tons;
- Kazakhstan - 22+ tons;
- China and Turkey are stable, but with smaller volumes.
In Q3, Kazakhstan and Brazil took the lead (15 tons - the first purchase since 2021).
Top countries by gold reserves (July-September 2025)
The leaders are unchanged, but Poland is rising rapidly:
Country. | Reserves, tons |
USA | 8133,5 |
Germany | 3350+ |
Italy | 2451+ |
China | 2303+ |
India | 880+ |
Poland | 515 |
Poland has already overtaken Turkey and plans to further increase its reserves to 30%.
Why the "golden race" of central banks continues
Gold is a hedge against the crisis: 95% of central banks expect global reserves to grow over the course of the year. The key drivers are geopolitics, de-dollarization, and stagflation.
South Korea is preparing to make its first purchases since 2013, while Serbia is planning to double its purchases to 100 tons by 2030. On the contrary, the Philippines and some US politicians are proposing to sell the "surplus" for bitcoin.
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