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Informist, Wednesday, Dec. 3, 2025

 

MUMBAI – Gold purchases by central banks rose 36% on month in October, with net purchases reaching 53 tonnes, the World Gold Council said in a report Tuesday. However, the year-to-date net purchases through October reached 254 tonnes, marking a slower pace than in the previous three years, the council said. This may partly be due to the effect of higher prices.

 

"Even so, sustained activity from emerging-market central banks – supported by the findings from our annual survey – strongly suggests that these purchases are strategic rather than opportunistic, reinforcing gold's importance amid persistent macroeconomic uncertainty," the council said.

 

The National Bank of Poland re-entered the market in October after having halted purchases since May, the council said. Following its recent decision to raise its gold target to 30%, it bought 16 tonnes during the month, bringing its total gold holdings to 531 tonnes, 26% of its total reserves based on end-October prices.

 

The Central Bank of Brazil bought gold for the second consecutive month, adding 16 tonnes in October after acquiring 15 tonnes in September, the council said. Its gold holdings now total 161 tonnes, accounting for 6% of total reserves. Other central banks that increased their gold reserves in October included the Central Bank of Uzbekistan with purchases of 9 tonnes, Bank Indonesia with purchases of 4 tonnes, and the Central Bank of Turkey with purchases of 3 tonnes.

 

The Czech National Bank and the National Bank of the Kyrgyz Republic purchased 2 tonnes of gold. Bank of Ghana, People's Bank of China, National Bank of Kazakhstan, and the Central Bank of the Philippines purchased 1 tonne of gold in October. The Central Bank of Russia was the only bank to report a decline in gold reserves in the month, falling by 3 tonnes to 2,327 tonnes. 

 

Year-to-date, the National Bank of Poland has remained the leading official sector gold buyer, adding 83 tonnes, twice as much as the next biggest purchaser, Kazakhstan, at 41 tonnes. "While buying continues to be concentrated among emerging-market central banks, the list of buyers – old and new – remains broad," the council said.

 

The National Bank of Serbia aims to raise its gold reserves to at least 100 tonnes by 2030, according to a recent announcement by Serbian President Aleksandar Vucic, the council said. This goal would nearly double the country's current holdings of 52 tonnes as of end-October and highlights Serbia's ongoing view of gold as a key strategic asset in the country's reserve portfolio.

 

At the recent London Bullion Market Association conference in Kyoto, Madagascar and South Korea also signalled interest in increasing their gold reserves, though neither has provided a specific timeline for these plans. "This reinforces the findings of our 2025 survey, which showed that 95% of respondents expected central bank gold reserves to increase in the year ahead," the council said.  End

 

Reported by Reshma Ravi

Edited by Avishek Dutta

 

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