Central Banks Ramp Up Gold Purchases Amid Price Surge, Retail Investors Dominate
Central banks increased gold holdings despite record prices in 2025, with Poland, Kazakhstan, and Brazil leading the charge. The World Gold Council reported 230 tonnes purchased in Q4 alone—a 6% quarterly increase—though annual totals (863t) fell short of previous 1,000t peaks. Retail and institutional investors outpaced official sector demand nearly 3-to-1 as volatile prices deterred larger central bank acquisitions.
Poland's aggressive accumulation strategy saw 102 tonnes added, including a 35-tonne Q4 haul, lifting reserves to 550 tonnes (28% of total). Governor Adam Glapiński cited national security for a new 700-tonne target. Kazakhstan mirrored the trend with 57 tonnes—its largest annual purchase since 1993—while Brazil joined the buying spree despite gold's 18% annualized volatility.
