Poland, Kazakhstan, Brazil increase Gold holdings despite high prices

Gold investment demand hit 2,175 tonnes in 2025, wiping the floor with the 863 tonnes bought by central banks. That’s not a small gap.

That’s central banks getting outpaced by retail and institutional investors nearly 3 to 1. And it wasn’t because they didn’t want gold, it’s because prices kept spiking all year. Every time they tried to step in, the price hit another record.

The World Gold Council said central banks still managed to buy 230 tonnes in Q4 alone. That was up 6% from Q3’s 218t. The total annual figure (863t) wasn’t close to the wild 1,000t years before, but still way above the 473t yearly average from 2010 to 2021.

Central bank buying held up, even while gold was on fire. And 22 institutions added at least a tonne. Seven of them did most of the buying.

Poland, Kazakhstan, Brazil increase holdings despite high prices

The National Bank of Poland added the most gold in 2025. It bought 102t during the year, including 35t in Q4. That brought its total up to 550t, making up 28% of total reserves. Poland raised its gold reserve target from 20% to 30% in October.

But Governor Adam Glapiński also said he wants to raise it again, this time to 700t. “National security reasons,” he said. No deadline was given.

Kazakhstan went all in too. It added 57t in 2025, with 17t of that in Q4. That’s the country’s biggest annual haul since 1993. It was allowed to buy up to 67t by its Industry Ministry. In February, Kazakhstan froze sales from local production. By June, Governor Timur Suleimenov made it clear: “We want to stay a net gold buyer” until global issues calm down.

Brazil came back to the gold market for the first time since 2021. It added 43t between September and November. That brought total reserves to 172t. Still, gold only makes up 7% of Brazil’s total. The Czech National Bank added 20t, the same as in previous years. It now holds 72t, with a 2028 goal of 100t.

The Central Bank of Turkey bought 27t by October, lifting its combined central bank and Treasury holdings to 644t. The State Oil Fund of Azerbaijan, SOFAZ, bought 38t from Q1 to Q3. Q4 numbers are still pending.

China slows down, while hidden buying continues

The People’s Bank of China took a breather. It added only 3t in Q4, the lowest since early 2024. That brought its total 2025 net purchases to 27t. China now holds 2,306t, almost 9% of its total reserves.

The year had few sellers. Singapore dropped 15t. Russia sold 6t. Germany’s Bundesbank sold 1t for coin minting, and Jordan’s central bank also sold 1t.

But what’s not being reported publicly matters even more. World Gold Council estimates show that 57% of central bank gold buying in 2025 was unreported. Some banks are stacking gold quietly, without saying a word. That kind of activity has been building for years. No one’s naming names, but the numbers don’t lie. Metals Focus and Refinitiv data confirm the gap between official reporting and reality.

Gold is now beating Treasuries in total market value. By the end of 2025, global official gold holdings were worth $5.0 trillion. That’s more than the $3.9 trillion in foreign-held U.S. Treasury assets. Central banks and funds are still buying quietly or openly, and investors are buying faster than either of them. No press release needed. The numbers are out there, and the trend is not slowing down.

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