By Paul Hoffman
Gold prices started surging last year as both central banks and investors sought safer assets amid rising geopolitical tensions and economic uncertainty. While many grasped the opportunity to buy, others took advantage of the high prices to sell off substantial amounts. Our team at BestBrokers analyzed data on gold reserves from the World Gold Council, covering all of 2024 and the first quarter of 2025. We identified the largest buyers and sellers of gold during this period.
Our analysis shows that by buying 48.6 tonnes of gold between January and March 2025, Poland retained its leading position in Europe and the world from 2024, when it became the largest net buyer of gold with purchases totalling 89 tonnes.
Here are a few key takeaways from our analysis:
- Poland purchased 48.6 tonnes of gold in the first quarter of 2025, almost half of its total 2024 purchase of 89.5 tonnes, solidifying its position as the top buyer globally. Narodowy Bank Polski (NBP) has accelerated its gold reserves accumulation, likely driven by the country’s proximity to the ongoing Russia-Ukraine conflict. As of Q1 2025, Poland holds 496.8 tonnes of gold, which at current prices ($3,324.55 per ounce on May 9th) is valued at $53.1 billion.
- Azerbaijan has made a notable move by adding 18.7 tonnes of gold to its State Oil Fund (SOFAZ) in March 2025, despite making no purchases in January or February. As of Q1 2025, it has a total of 165.3 tonnes, which is 25.8% of its reserve.
- China ranks third, buying 12.8 tonnes in the first quarter of 202,5, which accounts for 2.5 tonnes less than in the final quarter of 2024. If the country maintains this pace, it may surpass the 44.2 tonnes purchased in 2024, but it still falls well short of the 224.9 tonnes acquired during its gold-buying spree in 2023.
- Kazakhstan shifted strategy, rebuilding its gold reserves by buying 6.4 tonnes in 2025 after leading in gold sales in 2024.
- Uzbekistan leads Q1 2025 gold sales with a net sale of 14.9 tonnes, following an 8.1-tonne purchase in January and sales of 11.8 tonnes in February and 11.2 tonnes in March. The Kyrgyz Republic and Russia follow with 3.8 and 3.1 tonnes sold, respectively.
- The United States remains the country with the largest national reserve of gold, having 8,133.46 tonnes of the precious metal in the form of gold bars and coins. However, Switzerland has the most gold per capita in the world, owning 115.19 grams or 3.70 troy ounces per citizen. This is equivalent to 37 small, 0.1-ounce coins.
If Poland maintains its current pace, it’s on track to double its 2024 gold purchases, further strengthening its position as the top buyer. Turkey, by contrast, has slipped to 6th place in the 2025 rankings, adding just 4.1 tonnes in Q1, 15.5 tonnes less than in the previous quarter. India shows a similar trend, purchasing only 3.4 tonnes, a drop of 19.1 tonnes compared to Q4 2024, placing it 7th this year.
These are the countries building up their gold reserves in Q1 2025:
- Poland – 48.6 tonnes added in Q1
- State Oil Fund of the Republic of Azerbaijan (SOFAZ) – 18.7 tonnes added in Q1 2025
- China – 12.8 tonnes added in Q1 2025
- Kazakhstan – 6.4 tonnes added in Q1 2025
- Czech Republic – 5.1 tonnes added in Q1 2025
- Turkey – 4.1 tonnes added in Q1 2025
- India – 3.4 tonnes added in Q1 2025
- Qatar – 2.9 tonnes added in Q1 2025
- Egypt – 1.4 tonnes added in Q1 2025
- Serbia – 0.9 tonnes added in Q1 2025
The list of gold sellers, meanwhile, has seen a major shake-up. The top sellers of 2024, Philippines, Kazakhstan, and Singapore, are absent from the 2025 list. Leading the way now is Uzbekistan, which sold 14.9 tonnes in the first quarter, followed by the Kyrgyz Republic with 3.8 tonnes and Russia, which shed 3.1 tonnes of its gold reserves in the first three months of 2025. Mongolia and Germany also sold small amounts, roughly 200 kg of the precious metal each, in Q1.
More information about countries’ demand for gold is available in the full report. It includes more details about the latest changes in the official national gold reserves reported to the International Monetary Fund, as well as the complete methodology behind our findings. Feel free to use any data or graphics for publication by providing a link to the original report. – @NewsSA_Online
(Source: Bestbrokers.com)
Please like and follow us on our social media platforms, links below:
(Source: Bestbrokers.com)