Central bank gold demand remained robust in October, totaling 53t (+36% m/m) and continuing the strong trend seen throughout the year (Chart 1). Purchases remained concentrated among a small number of central banks, led by the National Bank of Poland, which returned to the market during the month.

Chart 1: Central bank gold buying has accelerated in recent months

Reported monthly central bank activity, tonnes*

Year-to-date reported net purchases through October reached 254 tonnes, a slower pace than the previous three years (Chart 2). This likely reflects the impact of higher prices. However, sustained activity from emerging market central banks – supported by the results of our annual survey – strongly suggests that these purchases are strategic rather than opportunistic, reinforcing the importance of gold in a context of persistent macroeconomic uncertainty.

Chart 2: Y-t-d reported buying trends over the last three years

Reported cumulative gold purchases, tonnes*

The group of buyers in October was dominated by names we have seen throughout the year, with a handful of central banks accounting for the majority of additions:

• The National Bank of Poland re-entered the market in October, after suspending purchases since May. Having recently increased its target gold allocation to 30%,¹ the purchase of 16 tonnes during the month brought its gold reserves to 531 tonnes, representing 26% of total reserves at end-October prices.
• The Central Bank of Brazil purchased gold for the second consecutive month, adding 16 tonnes in October following a 15-tonne purchase in September. Its gold reserves now stand at 161 tonnes, representing 6% of total reserves.
• The Central Bank of Uzbekistan (9t), Bank Indonesia (4t), the Central Bank of Turkey (3t), the Czech National Bank (2t), the National Bank of the Kyrgyz Republic (2t), the Bank of Ghana (>1t), the People’s Bank of China (>1t), the National Bank of Kazakhstan (>1t), and the Central Bank of the Philippines (>1t) were also buyers in October.

At the time of writing, the Central Bank of Russia was the only bank to report a decline in gold reserves during the month – falling by 3 tonnes to 2,327 tonnes.

Year-to-date, the National Bank of Poland (83t) continues to be the largest gold buyer in the official sector, with double the purchases of the second-largest buyer, Kazakhstan (41t) (Chart 3). Although purchases remain concentrated among emerging market central banks, the list of buyers – both old and new – remains broad.

Chart 3: National Bank of Poland extends year-to-date purchases through October

Y-t-d net central bank purchases and sales, tonnes*

Central banks aim for larger gold reserves

The National Bank of Serbia plans to increase its gold reserves to at least 100 tonnes by 2030, according to a recent statement by Serbian President Aleksandar Vučić.² This long-term goal represents a near-doubling of current holdings, which stood at 52 tonnes at the end of October, and signals a continued commitment to gold as a strategic asset in the country’s reserve portfolio.

At the recent LBMA conference in Kyoto, Madagascar and South Korea also expressed interest in increasing their gold reserves, although neither provided a precise timeline for these plans.³

This reinforces the results of our 2025 survey, which showed that 95% of respondents expected central bank gold reserves to increase in the coming year.

Note:

¹Central bank gold statistics: central bank gold purchases rebound in August, World Gold Council.

²Bloomberg.

³Bloomberg.