Which 10 Countries Bought the Most Gold in 2024?
- ccancino3
- Jul 1
- 3 min read
In times of global uncertainty, gold becomes a strategic pillar of economic stability and financial resilience. According to the most recent data from the World Gold Council, the world's largest gold reserves continue to increase to historic levels. What does this mean in economic terms and for those seeking to protect their assets?
During 2024, world central banks acquired 483 tons of gold, the highest figure ever recorded. The 10 countries that bought the most gold are:
1. Poland, with 90 net tons of gold acquired during 2024, positioning itself as the largest gold buyer in the world and increasing its total reserves to 420 tons.
2. Türkiye, with 75 net tons of gold purchased in 2024.
3. India, which added 73 tons in 2024, reaching a total of 841 tons of gold.
4. Azerbaijan, with 45 net tons of gold purchased in 2024.
5. China, with an addition of 44 tons to its gold reserves, continued when with its constant pace of addition to their reserves, and reached 6th position among the countries with the largest gold reserves, with a total of 2,280 tons.
6. Czech Republic, which incorporated 21 tons into its gold reserves during 2024.
7. Iraq, with a gold purchase of 20 tons during the same period.
8. Hungary, which added 16 tons to its gold reserves by 2024.
9. Uzbekistan, with 11 tons of gold acquired in the year.
10. Ghana, which increased its gold reserves by 11 tonnes during the year.
Net Purchases and Sales of Gold by Country in 2024
Why Do Countries Buy Gold?
For the central banks of the world, maintaining gold reserves is a sound diversification strategy.
From an economic point of view, gold acts as insurance against inflation, volatile interest rates, and the weakening of fiat currencies.
Unlike other monetary reserves, such as US Treasury bonds, gold does not carry counterparty risk nor is it exposed to political sanctions, making it a neutral store of value tool.
The US dollar has dominated the international financial system for decades, but the lack of fiscal discipline in the U.S., coupled with the growing use of the dollar as an instrument of political pressure, has generated distrust in many countries that are leaning toward an economic trend of de-dollarization (LINK ARTICLE: De-dollarization). Faced with this, gold, safeguarded in their own central banks, appears as a reserve that no foreign government can freeze.
A Strategy with Geopolitical Implications
Increasing gold reserves is part of the response from some countries to a changing world order. Countries not aligned with the US, such as the members of BRICS, are strengthening their gold reserves as part of a more autonomous financial architecture. This increase is not just a technical decision, but a declaration of monetary sovereignty.
China, for example, has bought gold for 18 consecutive months, according to the World Gold Council report of March 2025. While promoting the digital yuan and expanding its yuan trading network, it consolidates its gold reserves as a backing for financial power. This dual strategy has an implicit message: a multipolar world requires currencies less exposed to the control of a single power.
What Does This Mean for Investors?
The recent acceleration in the accumulation of gold from Central Banks is a clear signal for individual investors: Gold is a key defensive element for the diversification of an investment portfolio. Its low correlation with other financial assets, and its sustained demand from the world's major powers makes it the protection asset par excellence.
Protect your Money
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