Central Bank Gold Reserves: Biggest Changes (2020–2025)
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Key Takeaways
- China, Poland, and Türkiye led global gold buying among central banks between 2020 and 2025.
- Rising gold prices and currency risk pushed many countries to boost gold reserves, while a smaller group reduced holdings.
Gold prices soared past $5,500 an ounce in late January as weakness in the U.S. dollar continued to steer investors toward hard assets. Since 2020, gold prices have risen by more than 230%, increasing the appeal of bullion for central banks seeking stability during a volatile economic period.
This visualization highlights which central banks made the biggest changes to their gold reserves between 2020 and 2025. The data for this visualization comes from the World Gold Council.
China and Eastern Europe Lead Gold Buying
China recorded the largest increase in gold reserves over the period, adding more than 350 tonnes. This reflects a broader strategy to diversify reserves away from the U.S. dollar and strengthen financial independence. Poland followed closely, increasing its gold holdings by over 300 tonnes as part of a long-term push to bolster monetary security.
Türkiye and India also ranked among the top buyers. Both countries face persistent inflation pressures and currency volatility, making gold an attractive hedge within official reserves.
| Most gold purchased | 2020-2025 (tonnes) | Most gold sold | 2020-2025 (tonnes) |
|---|---|---|---|
 China | 357.1 |  Philippines | -65.2 |
 Poland | 314.6 |  Kazakhstan | -52.4 |
 Türkiye | 251.8 |  Sri Lanka | -19.1 |
 India | 245.3 |  Germany | -16.3 |
 Brazil | 105.1 |  Mongolia | -15.9 |
 Azerbaijan | 83.6 |  Tajikistan | -11.9 |
 Japan | 80.8 |  Euro Area (average) | -10.8 |
 Thailand | 80.6 |  Colombia | -9.2 |
 Hungary | 78.5 |  Finland | -5.4 |
 Singapore | 77.3 |  Curaçao & St. Maarten | -3.9 |
 Iraq | 74.6 |  Solomon Islands | -0.6 |
 Qatar | 73 |  Suriname | -0.4 |
 Czech Rep. | 62.8 |  Malta | -0.3 |
 Russia | 55.4 |  Ethiopia | -0.2 |
 United Arab Emirates | 51.7 |  Switzerland | -0.1 |
Emerging Markets Step Up Accumulation
Beyond the largest buyers, several emerging markets made notable additions. Brazil added more than 100 tonnes, while Azerbaijan’s increase came through its sovereign wealth fund, the State Oil Fund of the Republic of Azerbaijan.
Japan, Thailand, Hungary, and Singapore also expanded reserves, signaling broader global interest in gold as a stabilizing asset during periods of economic uncertainty.
Who Reduced Gold Holdings?
On the selling side, the Philippines recorded the largest reduction, cutting reserves by over 65 tonnes. Kazakhstan and Sri Lanka also saw significant declines, often linked to domestic liquidity needs or reserve rebalancing.
Several European countries, including Germany and Finland, posted modest reductions. Switzerland’s change was minimal, underscoring its generally stable approach to gold management compared with more active buyers elsewhere.
