Gold reserves of countries of the world

Gold reserves of Russia

Main article: Gold reserves of Russia

Gold and foreign exchange reserves of China

Main article: Gold and foreign exchange reserves of China

2025

World central banks for the year reduced gold purchases by 21% to 863 tons

In 2025, central banks on a global scale purchased 863 tons of gold. This is 21%, or 229 tons, less than the previous year, when the figure reached 1092 tons. Such data are provided in the materials of the World Gold Council (WGC), released on January 29, 2026.

In 2025, there was a sharp increase in demand for gold and a rapid increase in prices. Consumers and investors bought and stored gold in an environment where economic and geopolitical risks became the new normal. Central banks remained firmly committed to building reserves, says Louise Street, senior analyst at WGC.

The world's central banks reduced gold purchases during the year to 863 tons

During 2025, as noted, the world central banks purchased the least gold in the second quarter - about 174.7 tons. The greatest result was recorded in the last quarter of the year, when regulators acquired 230.3 tons of this noble metal.

Although in 2025 the annual demand for gold among central banks was below the level of 1000 tons exceeded in the previous three years, the purchases of regulators remained a significant item in the global structure of metal sales. In general, the global demand for gold in all segments (including investments and jewelry production) in 2025 reached 5002 tons: this is the highest figure on record. A year earlier, demand was at 4962 tons. Thus, an increase of about 1% was recorded.

Given that economic and geopolitical instability is unlikely to weaken in 2026, the positive dynamics set by high demand for gold a year earlier are likely to continue. In January 2026th, the price of gold for the first time exceeded $5,000 per ounce, which emphasizes the importance of this metal as an asset in conditions of uncertainty, adds Street.[1]

USA, Germany and Italy lead in declared gold reserves

Gold reserves by country at the end of 2025 (tons):

• USA - about 8,133 tons
• Germany - about 3,352 tons
• Italy - about 2,452 tons
• France - about 2,437 tons
• Russia - about 2,335 tons
• China - about 2,290 tons
• Switzerland - about 1,040 tons
• India - about 878 tons
• Japan - about 846 tons
• Turkey - about 615 tons
• Netherlands - about 612 tons
• Poland - about 531 tons
• Portugal - about 382 tons
• Uzbekistan - about 362 tones
• Saudi Arabia - about 323 tons
• Britain - around 310 tonnes
• Kazakhstan - about 295 tons
• Spain - about 282 tons
• Thailand - about 244 tons
• UAE - about 180 tons

Large unofficial gold purchases from central banks of countries

Unofficial purchases of gold by the world Central Bank in the third quarter of 2025 since 2010 have reached about 9,500 tons. This is ~ 3,700 tons, or + 64%, more than the volume that these institutions have officially declared.

Unofficial purchases accelerated sharply in 2022. Since then, central banks have accumulated about 3,500 tons of gold, which is 37% of all purchases since 2010.

China alone acquired 118 tons of gold in the third quarter of 2025, which means an increase of 55% year to year.

Money Metals estimates China's gold reserves rose to a record 5,411 tonnes in Q3, well above the 2,304 tonnes officially declared by the People's Bank of China.

At the same time, in the third quarter of 2025, central banks of the world officially increased purchases of gold by 10% in annual terms - up to 220 tons.

That's also up 28% from the previous quarter and 6% above the five-year quarterly average.

Since the beginning of 2025, central banks have increased their gold reserves by 634 tons.

Kazakhstan became the leader in purchases, and Brazil added gold for the first time since 2021.

Global central banks continue to actively build up gold reserves.

For the first time since 1996, the share of gold in the reserves of the Central Bank exceeded the share of US Treasury bonds

By August 27, 2025, for the first time in almost 30 years, foreign central banks now own more gold than US Treasuries.

Banks' emphasis is now not on getting interest, but on protecting capital.

2024

Increase in the share of gold in the reserves of the Central Bank to 21%

Gold overtook the euro to become the second-largest asset in central bank reserves, taking 21% at the end of 2024.

Its rise comes as record purchases - more than 1,000 tonnes a year since 2022 - and prices double.

Demand increased after the outbreak of the conflict in Ukraine and the illegal freezing of Russia's reserves by the EU and the United States.

This pushed countries close To China to Russia to increase the share of gold in reserves as protection against sanctions and, inflations despite rising interest rates. The share dollar continues to decline and reached 46%.

The countries are leaders in gold reserves. Russia in 6th place

In the face of a deteriorating geopolitical situation and a difficult macroeconomic situation, world central banks are replenishing their reserves with gold at a record pace. According to the results of the first half of 2024, net metal purchases by all Central Bank on a global scale reached 483.3 tons. This is 5% more compared to January-June 2023. Such data are reflected in the materials of the World Gold Council (WGC), which TAdviser got acquainted with in early September 2024.

According to the Kommersant newspaper, the total volume of gold in the reserves of central banks and financial institutions (IMF, ECB) around the world in the first half of 2024 exceeded 36 thousand tons. The high demand for metal from regulators stimulates the growth of its value. In August 2024, the price of gold for the first time in history exceeded $2,500 per troy ounce, and the growth since the beginning of this year was recorded at almost 23%. According to a survey conducted by the WGC among 70 regulators, in the future, many Central Banks intend to increase the volume of gold in reserves - this was stated by 29% of respondents.

The United States calls itself the leader in gold reserves by mid-2024 with an indicator of 8133.5 tons. The reality of these reserves has not been tested for many decades.

In general, the list is as follows:

1. USA - 8133.5 tons;

2. Germany - 3351.5 tons;

3. IMF - 2814 tons;

4. Italy - 2451.8 tons;

5. France - 2437 tons;

6. Russia - 2335.9 tons;

7. China - 2264.3 tons;

8. Switzerland - 1040 tons;

9. Japan - 846 tons;

10. India - 840.8 tons;

11. Netherlands - 612.5 tons;

12. Turkey - 584.9 tons;

13. ECB - 506.5 tons;

14. Taiwan - 422.7 tons;

15. Portugal - 382.7 tons;

16. Poland - 377.4 tons;

17. Uzbekistan - 365.2 tons;

18. Saudi - Arabia - 323.1 tons;

19. Britain - 310.3 tons;

20. Kazakhstan - 298.8 tons;

21. Lebanon - 286.8 tons;

22. Spain - 281.6 tons;

23. Austria - 280 tons;

24. Thailand - 234.5 tons;

25. Singapore - 228.9 tons^[2] reserves]

2023: Decline in gold purchases by central banks after record purchases

2022

Record gold purchases by central banks since 1967 - 673 tons. The share of gold in the gold reserves of all countries - 14.5%

Over the year, central banks around the world have purchased a record amount of gold since 1967. A total of 673 tons of gold. The largest volumes of precious metal were bought by the Central Bank of Russia and China.

The share of gold in gold reserves in all countries of the world is 14.5% as of December 2022 against 13% 10 years ago.

Central Bank of Turkey - the largest buyer of gold increases reserves by 148 tons to 542 tons

Gold as an inflationary hedge in 2022 made Turkey the largest buyer of the metal in the world. The gold reserves of the Central Bank reached a record level, the official figure was 542 tons, an increase of 148 tons.

Households have also rushed to purchase the commodity to guard against geopolitical uncertainty and soaring inflation.

2018: Record gold purchases by central banks over 50 years

The volume of gold that central banks of states acquired in 2018 reached its highest level since the end of the gold standard era half a century ago.

Top Five:

1. USA - 8133.5 tons.
2. Germany - 3369.7 tons.
3. Italy - 2451.8 tons.
4. France - 2,436 tons.
5. Russia - 2150.5 tons.

2015: China (6th place) bypasses Russia (7th place) in reserves

As of March 2015, the ranking of countries in terms of gold in reserves looked like this:

Nominally, the largest holder of gold is the United States, although no one conducts an audit and partly gold could have been stolen (pledged) a long time ago.

In July 2015, the People's Bank of China published an updated estimate of the country's gold reserves for the first time in 6 years. According to the regulator's website, the PRC reserves contain 1,658 tons of gold.

Thus, since 2009, when the Central Bank of China classified the data on its gold reserve, the PRC has acquired 604 tons of gold (+ 57%), which allowed the republic to rise from 7th to 6th place in the ranking of the largest holders of the reserve. At the same time, the Celestial Empire overtook Russia, whose gold reserve is 1250^[3].

As of July 2015:

2014: Russia accounts for a third of gold purchases by the world's central banks

In 2014, a third of gold purchases by Central Banks fell on Russia, writes The Financial Times, citing data from the GFMS research group. As the newspaper notes, Moscow spent more on the purchase of this metal than at any time since the collapse of the USSR^[4].

In 2014, Central banks around the world bought 461 tons of gold, which is 13% more than in 2013. This is the second highest figure since the gold standard was abolished in 1971, the article says. The publication draws attention to the fact that in this way regulators continued to diversify their foreign exchange reserves after the financial crisis, over the previous six years they added 1.8 million tons of gold to their reserves.

As for the Bank of Russia, Moscow seeks to get away from dependence on the dollar and support the ruble, which collapsed against the American currency over the past year amid falling oil prices and Western sanctions, the newspaper writes. According to GFMS, in the first 11 months of 2014, the Russian Central Bank acquired 152 tons of gold for $6.1 billion (at current prices), which is 123% more than in the previous year.

The newspaper clarifies that experts took into account the IMF data and their own calculations, and the Central Banks themselves did not provide information.

2012: US in first place in reserves, Russia in eighth

Private investment in gold

Main article: Investment in gold

Notes