Poland and Kazakhstan Became World Leaders in Gold Purchases in 2025

The National Bank of Poland has become a leader in gold purchases since the beginning of 2025, increasing its reserves by 95 tons. In second place is the National Bank of Kazakhstan, which added 49 tons to its reserves. This data is presented in reports from the World Gold Council.

According to experts, in November of last year, central banks around the world continued to actively replenish their gold reserves, purchasing 45 tons of this precious metal. Although the volume of purchases slightly decreased compared to October, it still remained at a high level.

The demand for gold from central banks is stable. For the first 11 months of 2025, the total volume of net purchases amounted to 297 tons. The largest increases in November were shown by the central banks of Poland (+12 tons) and Brazil (+11 tons). Uzbekistan (+10 tons), Kazakhstan (+8 tons), as well as Kyrgyzstan and the Czech Republic (+2 tons) also actively purchased gold. A slight increase in reserves was recorded by the Bank of China and the Bank of Indonesia — one ton each.

It is worth noting that gold has surpassed the US dollar and is now the largest reserve asset in the world. This fact underscores the growing interest of central banks in gold reserves amid instability in financial markets.