by Mike Maharrey
Gold buying accelerated again in June as central banks took advantage of the softer price environment to add to their reserves.
According to the latest data compiled by the World Gold Council, central banks globally added a net 51 tonnes of gold to their reserves in May. That was up from 41 tonnes in May
The Gold Buyers
Poland has consistently led the world in gold accumulation over the last couple of years, and that trend continued in June. The National Bank of Poland added another 19 tonnes to its holdings.
So far this year, the Polish central bank has expanded its gold reserves by 82 tonnes.
The National Bank of Poland now holds 633 tonnes of gold, making up about 30 percent of its reserves.
Poland led central bank gold buying in 2025, adding 102 tonnes of gold to its holdings.
Late last year, the National Bank of Poland issued a statement saying it plans to purchase up to 150 more tonnes of gold, raising its holdings to a maximum of 700 tonnes.
NBP Governor Adam Glapiński said the increase in gold reserves would elevate Poland to an “elite” status.
“This will place Poland among the elite 10 countries with the largest gold reserves in the world.”
The Polish central bank already holds more gold than the European Central Bank. To put the country’s gold reserves in context, the NBP only held 14 tonnes of gold in 1996.
China has reported increases in its official gold reserves for 21 straight months, and it has ramped up the pace of accumulation. In June, China reported a 15-tonne increase in its official gold reserves. That follows a 10-tonne official purchase in May.
Year-to-date, the Chinese Central Bank has officially increased its gold holdings by 40 tonnes. China now officially holds 2,346 tonnes of the yellow metal, accounting for about 9 percent of its total reserves.
Notice the emphasis on “official.”
China is among the central banks that are likely to hold significantly more gold than they publicly disclose. As Jan Nieuwenhuijs has reported, the People’s Bank of China is secretly buying large amounts of gold off the books. According to data parsed by the renowned Money Metals researcher, the Chinese central bank is currently sitting on more than 5,000 tonnes of monetary gold located in Beijing – more than TWICE what has been publicly admitted.
The mainstream is finally taking notice. Last month, Goldman Sachs picked up on China’s undisclosed purchases, and analysts at BMO Capital estimated that Chinese gold reserves could surpass the U.S.’s within five years.
Uzbekistan sold gold in April but flipped back to buying in May, adding 9 tonnes of gold to its reserves. The Uzbeks remained in a buying mood in June, expanding its reserves by 9 tonnes.
The Uzbek central bank has primarily been in a buying mood this year. Despite April’s 1-tonne sale, Uzbekistan has increased its gold holdings by 412 tonnes. The country holds about 87 percent of its reserves in gold.
It is not unusual for central banks that buy from domestic sources, such as Uzbekistan and Kazakhstan, to pivot back and forth between buying and selling.
Speaking of Kazakhstan, its central bank increased its gold holdings by 7 tonnes in June, following a 7-tonne purchase in May. The Kazakhs have increased their gold reserves by 27 tonnes net this year. Its 368 tonnes of gold account for about 78 percent of its reserves.
The Monetary Authority of Singapore bought 4 tonnes of gold in May. It was the country’s first purchase since September 2025. It followed up with another 7-tonne expansion of its gold reserves in June.
The Czech Republic has been one of the most consistent gold buyers over the last few years. The trend continued in June with yet another 2-tonne purchase.
The Czechs have adopted a slow, steady approach, buying gold for 39 straight months. The country added 20 tonnes to its holdings last year. It now holds 81 tonnes of gold. Czech officials say they plan to increase gold reserves to 100 tonnes by 2028.
Other buyers in June included Jordan (3 tonnes), Ghana (1 tonne), and Georgia (1 tonne).
The Gold Sellers
The 63 tonnes in net gold purchases in June were reduced by 11 tonnes of net selling.
Russia was once again the largest seller in June, reducing its reserves by 9 tonnes. The Russian central bank has consistently sold gold this year as it copes with the impacts of economic sanctions and a wartime economy.
So far this year, the Russian central bank has reduced its gold reserves by 43 tonnes, to 2,292 tonnes.
After holding reserves steady in April, the Central Bank of Turkey sold 1 tonne of gold in May.
Turkey has been selling small amounts of gold to support its currency amid the U.S.-Iran War oil shock. The Turkish central bank decreased its gold reserves by 2 tonnes in June following a 1-tonne sale in May.
Turkey sold a large amount of gold earlier this year to backstop the lira.
The Big Picture
Looking at the trends, central bank gold buying moderated in 2025 but remained far above the recent historical average. Official net full-year buying came in at 863.3 tonnes. That was down 21 percent year-on-year, charting the lowest level since 2021.
However, although central bank gold purchases declined last year, they remained well above the 2010-2021 annual average of 473 tonnes.
Last year was the fourth-largest expansion of central bank gold reserves on record. The all-time high was set in 2022 (1,136 tonnes). It was the highest level of net purchases on record, dating back to 1950, including since the suspension of dollar convertibility into gold in 1971.
The surging gold price was likely a factor in slowing central bank gold accumulation. As the World Gold Council put it, the higher price prompted “a more cautious approach.”
“This highlights that central banks are not insensitive to price dynamics, even as their long-term strategic interest in gold remains firmly intact.”
In the latest World Gold Council survey, central bankers overwhelmingly said they expect global gold reserves to continue growing in the next 12 months. They seem to be putting their money where their mouths are. With prices moderating, it appears that several central banks are taking advantage of the recent correction to accumulate gold more quickly.
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