Published August 2026
Central bank gold purchases by year
| Period | Net purchases | Context |
|---|---|---|
| 2010-2021 average | ~473 tonnes/year | The “normal” pre-surge baseline |
| 2022 | 1,136 tonnes | Record year – highest since World Gold Council records began in 1950 |
| 2023 | 1,000+ tonnes | Second consecutive year over 1,000 tonnes |
| 2024 | 1,000+ tonnes | Third consecutive year over 1,000 tonnes |
| 2025 | 863 tonnes | 21% decline from 2024; still 4th-largest year on record |
Figures compiled from the World Gold Council’s Gold Demand Trends full-year 2025 report and its central bank statistics series (see Sources below).
Why the pace slowed in 2025 without reversing
The World Gold Council’s own reporting attributes part of the 2025 slowdown to gold’s own price rally: as gold reached multiple record highs during the year, some central banks became more cautious about adding to already-elevated reserve valuations – buying less doesn’t necessarily signal declining interest, since the same dollar allocation buys fewer tonnes at a higher price. The report also notes that roughly 57% of 2025’s purchases were unreported by individual country (an “opaque” category the World Gold Council tracks separately), meaning the real total could be understated rather than overstated.
Who’s actually buying
The National Bank of Poland was the largest disclosed single buyer for the second consecutive year, adding 102 tonnes in 2025. Central bank buying in recent years has been geographically broad – not concentrated in one region – which the World Gold Council frames as consistent with a diversification motive across many countries’ reserve managers rather than a single country’s isolated policy.
What this data does – and doesn’t – tell an individual investor
This is real, publicly reported demand data, not a rumor or a marketing claim – and it’s worth knowing regardless of what you do with it. But central banks manage sovereign reserves against objectives (currency diversification, geopolitical risk management, multi-decade time horizons) that don’t map directly onto an individual’s retirement portfolio. Central bank demand is one legitimate data point about gold’s role in the broader financial system; it is not, by itself, personalized guidance about how much gold – if any – belongs in any specific person’s savings.
A framing to watch for
Be skeptical of any pitch that uses “central banks are buying record gold” as the sole justification for urgency to buy right now. The data is real, but it describes institutional reserve strategy over years, not a short-term price signal – and sales pitches sometimes borrow a real statistic to create false urgency. See our Gold IRA Checklist for how to evaluate a sales pitch independent of any single data point.
Curious how gold has actually performed against other assets historically? See our Best Assets to Beat Inflation guide →
Frequently Asked Questions
How much gold did central banks buy in 2025?
863 tonnes, per the World Gold Council’s full-year 2025 report – a 21% decline from 2024 but still the fourth-largest annual total on record.
What was the record year for central bank gold buying?
2022, at 1,136 tonnes – the highest since World Gold Council records began in 1950. 2022-2024 each topped 1,000 tonnes.
Which central bank bought the most gold in 2025?
The National Bank of Poland, adding 102 tonnes – the largest disclosed single buyer for the second consecutive year.
Why are central banks buying so much gold?
Primarily diversification away from reliance on any single reserve currency and continued geopolitical/economic uncertainty, per the World Gold Council’s own analysis. Elevated prices made some banks more cautious in 2025, which is part of why the pace slowed.
Does central bank buying mean individual investors should buy gold too?
Not automatically. Central banks manage sovereign reserves with different objectives and time horizons than an individual portfolio. It’s a real, verifiable data point – not personalized financial advice.
- World Gold Council, “Gold Demand Trends: Full Year 2025” – gold.org/goldhub/research/gold-demand-trends/gold-demand-trends-full-year-2025 – 863-tonne 2025 total, 21% year-over-year decline, historical context.
- World Gold Council, “Central Banks | Gold Demand Trends Full Year 2025” – gold.org/goldhub/research/gold-demand-trends/gold-demand-trends-full-year-2025/central-banks – country-level detail, including National Bank of Poland’s 102-tonne purchase.
- World Gold Council, “Central Bank Gold Statistics” – gold.org/goldhub/gold-focus/2025/12/central-bank-gold-statistics-central-banks-ramp-gold-buying-october – ongoing monthly purchase tracking.
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