According to calculations by the research firm Best Brokers, which analyzed data from the World Gold Council (WGC), the central banks of Poland and Kazakhstan have been the most active in replenishing their gold reserves since the beginning of the year. They purchased 67.1 tons and 32.4 tons of the precious metal, respectively. China rounded out the top three, with its central bank increasing its gold reserves by 22.7 tons since the start of the year.

Turkey, the Czech Republic, Cambodia, Ghana, Qatar, India, and Serbia were also among the top 10 central banks buying gold this year. Analysts point to increased demand for gold against the backdrop of rising prices for this traditionally safe-haven asset, which is valued for its value amidst current market conditions and geopolitical instability.

Meanwhile, some countries have reduced their gold reserves since the beginning of the year. The Central Bank of Uzbekistan was the world’s largest gold reserve reducer, selling 16.8 tons, followed by Singapore (15.8 tons), Indonesia (12.9 tons), Russia (6.2 tons), and Germany (1.3 tons). The report notes that Russia reduced its gold reserves in 2025 after 17 years of continuous replenishment, which lasted until 2023, after which the reserves remained unchanged for two years.

The top five countries in the world in terms of central bank gold reserves now include the United States (8,133 tons), Germany (3,350 tons), Italy (2,451 tons), France (2,437 tons), and Russia (2,329 tons).