Countries Leading Gold Purchases in 2025
As the global demand for gold continues to surge, recent data highlights significant increases in gold purchases across various nations. As of October 1, 2025, the price of gold, often regarded as a safe haven asset, approached the $3,900 mark per ounce (approximately EUR3,318). This upward trajectory shows no signs of slowing, with central banks around the world contributing to the heightened demand.
A survey conducted by the World Gold Council indicates that a remarkable 95% of central banks are planning to expand their gold reserves in the upcoming year. An analysis from the platform Best Brokers reveals that Poland has emerged as the most aggressive buyer of gold, acquiring a total of 67.1 tons from January to July 2025. This figure is more than double the amount purchased by Kazakhstan, which acquired 24.7 tons during the same period. China follows in third place with purchases totaling 20.8 tons, although Azerbaijan would rank higher if it disclosed its national bank's gold reserve information. Notably, Azerbaijan's state oil fund, Sofaz, purchased 34.5 tons of gold in 2025.
Poland's substantial purchases in 2025 followed a robust buying spree in 2024, where it secured 89 tons of gold. Analysts interpret this trend as a strategic move by Poland to bolster its gold reserves and enhance protection against geopolitical uncertainties. However, in terms of total gold reserves, Poland does not lead the rankings. The United States tops the list with over 8,133 tons, followed by Germany with 3,350 tons and Italy with 2,452 tons. France, Russia, and China each hold reserves exceeding 2,300 tons, as of September 2025.
When evaluating gold reserves on a per capita basis, Austria ranks commendably, though not at the very top. Analysts from Best Brokers calculate the number of gold coins held per capita, estimating that Austria possesses around ten coins for each citizen. The highest per capita ownership is found in Switzerland, with 37 coins per person, followed by Lebanon with 16 coins. Italy and Germany each have 13 coins per capita, while Portugal, France, and Qatar each hold 12 coins.
Conversely, several nations have opted to reduce their gold holdings this year. Uzbekistan has notably sold off 18.7 tons of its reserves, while Singapore disposed of 15.8 tons. Russia and Germany also made reductions, selling 3.1 tons and 1.3 tons, respectively.