However, gold purchases by them are lower than in the last three years, compared to the January-October period.
“Central bank demand for gold remained robust in October, totaling 53 tonnes (+36% month-on-month)and a continuation of the strong trend seen throughout the year. Buying remained concentrated among a small number of central banks, led by the National Bank of Poland, which returned to activity during the month,” said Krishna Gopaul, WGC senior analyst, EMEA (Europe, Middle East and Africa).
Net purchases reported to date as of October 31 totaled 254 tonnes. This happened at a slower pace than the previous three years.
Strategic purchases
“This may reflect the impact of higher prices. Yet continued activity from emerging market central banks – supported by findings from our annual survey – strongly suggests that these purchases are strategic rather than opportunistic, reinforcing gold’s importance amid ongoing macroeconomic uncertainty,” the WGC senior analyst said.
The National Bank of Poland re-entered the market in October, after halting purchases from May. The country increased its gold allocation to 30 percent of its reserves. In October, the country bought 16 tons, bringing its gold reserves to 531 tons, which at end-October prices accounted for 26 percent of total reserves.
So far, the National Bank of Poland (83 tonnes) remains the largest gold buyer from the official sector, with its purchases double those of the next largest buyer, Kazakhstan (41 tonnes).
Brazil’s Central Bank bought gold for the second month in a row, adding 16 tons in October after purchasing 15 tons in September. Gold reserves now stand at 161 tonnes, accounting for 6 percent of total reserves, Gopaul said.
Central Bank of Russia sells
Other buyers of the precious metal were the Central Bank of Uzbekistan (9 tons), Bank Indonesia (4 tons), Central Bank of Turkey (3 tons), Czech National Bank (2 tons) and National Bank of the Kyrgyz Republic (2 tons).
Bank of Ghana, People’s Bank of China, National Bank of Kazakhstan and the Central Bank of the Philippines bought just under a tonne in October.
The Central Bank of Russia was the only one to sell three tons – to cash in on record high prices. Reserves have now fallen to 2,327 tonnes.
Gold buying remains concentrated among emerging market central banks, the WGC senior analyst said.
Gopaul said the National Bank of Serbia plans to increase its gold reserves to at least 100 tons by 2030. This will almost double its current holdings of 52 tonnes.
He said Madagascar and South Korea expressed interest in increasing their gold reserves at the recent London Bullion Market Association conference in Kyoto. However, neither country has provided a specific timeline for their plans.
Published on December 3, 2025
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