Top 10 Gold-Buying Countries in 2025
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In 2025, central banks sent a clear message: gold is no longer an occasional safe haven, it has become a permanent strategic asset. Even with prices at record highs and a slightly slower pace of purchases compared to previous years, the accumulation of gold reserves remained firm. In a complex global environment, gold offers something few assets can guarantee simultaneously: trust, sovereignty, and stability.
The annual report from the World Gold Council shows that gold purchases were concentrated among a defined group of countries which, from different economic and geopolitical realities, strengthened their financial positions in the face of an increasingly uncertain global landscape.
These are the Top 10 Gold-Buying Countries in 2025:
Top 10 Gold-Buying Countries in 2025
1. Poland: Security First
Poland was the world’s largest gold buyer in 2025, with approximately 102 tonnes acquired. Gold now represents around 28% of its international reserves. Beyond a financial decision, this reflects a national security strategy in a regional context marked by persistent geopolitical conflicts.
2. Kazakhstan: Shielding Against Global Volatility
Kazakhstan added approximately 57 tonnes of gold, its largest increase in nearly a decade. For the country, gold acts as a shield against sanctions, trade disruptions, and geopolitical risks, strengthening its economic resilience through reinforced gold reserves.
3. Brazil: A Return to Gold
After several years of pause, Brazil resumed gold purchases in 2025, adding more than 40 tonnes. Although gold still represents a moderate share of its reserves, the message is clear: in the new multipolar world order, gold represents economic independence.
4. Azerbaijan: Diversifying Beyond Energy
Through its sovereign wealth fund (SOFAZ), Azerbaijan significantly increased its gold holdings, acquiring around 38 tonnes. The goal is to reduce dependence on energy revenues and build wealth detached from foreign currencies and commodity cycles, reinforcing the long-term strength of its gold reserves.
5. China: Strategic Consistency
China maintained steady gold purchases throughout the year, acquiring around 27 tonnes. Beyond the volume, what stands out is consistency: for China, gold remains a key tool for diversifying reserves and continuing to reduce exposure to dollar-denominated assets.
6. Türkiye: In Search of Stability
Türkiye added approximately 27 tonnes of gold despite currency volatility and ongoing efforts to reduce inflation, which fell from 58% in 2024 to 31% in 2025. In this inflationary context, gold serves a dual function: supporting domestic confidence in the currency and cushioning the economy from external shocks.
7. Czechia: Discipline and Clear Objectives
The Czech Republic’s central bank continued its gold accumulation program, adding approximately 20 tonnes. The strategy aligns with an explicit goal of strengthening financial independence within a European environment marked by economic fragility and tensions between Eastern and Western neighbors.
8. Iraq: Reconstruction and Monetary Backing
Iraq increased its gold reserves by approximately 12 tonnes. For an economy still facing structural challenges stemming from decades of conflict, political volatility, and energy dependence, gold represents a strategic reserve asset. This move supports the strengthening of its central bank, exchange rate stability, and reduced exposure to external risks.
9. Cambodia: Prudence in a Dynamic Regional Environment
Cambodia acquired around 8 tonnes of gold, gradually reinforcing the composition of its international reserves. In an open economy deeply integrated into Asian trade flows, gold accumulation reflects a diversification strategy and protection against potential global financial tensions.
10. Uzbekistan: Domestic Production, Stronger Reserves
Uzbekistan leveraged its domestic gold production to strengthen reserves, adding 8 tonnes during the year. The combination of self-sufficiency, gradual accumulation, and reduced vulnerability to external shocks, defines a monetary strategy aimed at reinforcing long-term stability.
Gold and Its Role in 2026
The World Gold Council’s Gold Outlook 2026 report highlights that gold maintains its appeal across multiple scenarios: economic slowdown, persistent geopolitical tensions, and expansionary monetary policies. Moreover, many emerging economies still hold a significantly lower share of gold reserves compared to advanced economies, suggesting that the accumulation process is far from over.
Gold purchases in 2025 do not reflect mere tactical moves by central banks, but rather a structural signal: countries are using gold as protection in a hostile geopolitical environment and a global economy undergoing deglobalization. The precious metal is thus consolidating its position as one of the pillars of global financial stability.
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