(News Bulletin 247) – Gold prices crossed the symbolic mark of $4,000 per ounce this week. Geopolitical and economic tensions have fueled demand for the yellow metal, as have significant purchases by central banks. Among these buyers, which countries have increased their gold reserves the most in 2025? And which central banks hold the most?

In less than two years, gold has experienced sparkling progress, and its prices this week crossed the symbolic threshold of $4,000 per ounce for the first time.

Currently, prices of the precious metal are increasing by almost 50% over one year, supported by an increase in economic and geopolitical tensions, themselves amplified by the customs measures of the American administration. These uncertainties have reinforced the role of gold as a traditional safe haven. Which fuels demand.

“Gold has long reflected global economic and political tensions, with its price typically rising in times of heightened uncertainty. In the aftermath of the global financial crisis, gold surpassed $1,000. During the Covid-19 pandemic, it climbed to $2,000. More recently, in the context of Donald Trump’s tariff announcement, it exceeded the $3,000 mark,” explain the ING economists.

Appetite for the yellow metal was also fueled by purchases linked to gold-indexed index funds (ETFs). “Last week, gold-backed exchange-traded funds rose again, bringing total gold ETF holdings to their highest level since September 2022. There is still room for further additions, given that the current total remains below the peak reached in 2020. Further inflows could push gold even higher,” observe ING economists.

Demand was also driven by significant purchases by central banks of emerging countries who wanted to diversify their reserves. “Initially, this trend was driven by countries’ concerns about sanctions on their foreign assets following decisions by the United States and Europe to freeze Russian assets. However, this trend has evolved into a broader strategy of diversifying dollar reserves and dollar assets,” UBS pointed out in February.

So which central banks have been the most active on gold purchases this year? The Bestbrokers team compiled data from the World Gold Council (WGC) available in September, which allowed it to identify the countries (more precisely the central banks of these countries) which have increased their gold reserves the most in 2025, as well as the States which hold the most.

The Ukrainian conflict at the gates of Poland

Central banks have played a key role in the rise in gold prices, as several countries have continued to increase their gold reserves this year. Poland has once again been the most active country in this area, increasing its reserve by 67.1 tonnes of gold since the start of 2025, after having increased it by 89.54 tonnes of gold, an increase of almost 25%, in 2024.

Bestbrokers recalls that geopolitical tensions, notably the invasion of Ukraine by Russia, explain that the country’s central bank had to act ants. The idea is to send a signal of confidence in the Polish economy while a major conflict is taking place on the country’s doorstep.

“If it (a national bank) has significant reserves and a large part in gold, this means that the country is reliable… and that it is a country in which trade and investment are possible,” said in 2024, quoted by the English-speaking Polish television TVP World.

Poland could have acquired more gold but high prices somewhat slowed down the amounts purchased. According to data compiled by Bestbrokers, La “Terre des Champs” (nickname of the country) currently holds more than 513.33 tonnes of gold (approximately 21% of its total reserve) and thus ranks twelfth in the world for its gold holdings.

In September, the country officially raised its target for holding gold in its international reserves to 30% of the total, after reaching its previous target of 20%, explains the World Gold Council.

After Poland, Kazakhstan is the second country to have increased its gold reserves the most, to 32.4 tonnes in 2025. The Central Asian country is reactivating its purchasing policy for this precious metal, after having sold 10.2 tonnes in 2024.

China has not curbed its insatiable need for gold, and added 22.7 tonnes in 2025 to its already significant reserves. These purchases bring China’s official reserves to more than 2,300 tonnes, consolidating its position as the sixth largest holder of gold in the world.

“The People’s Bank of China extended its series of gold purchases in September for the eleventh consecutive month, despite record prices,” observed ING.

Turkey continued to increase its reserves in 2025 by purchasing 19.5 tonnes of gold, after having already acquired 77.4 tonnes last year. The Czech Republic, Cambodia, Qatar, Ghana, India and Serbia are also among the top ten gold buying countries.

Going forward, ING believes that central banks will continue to add gold to their reserves, given the still uncertain economic environment and the desire to diversify against the US dollar.

Gold a “cornerstone”

The Bestbrokers study also looked at Kyrgyzstan, which purchased 2.2 tonnes of gold in 2025, an amount which is much lower compared to the 16.6 tonnes acquired by the country in 2024.

“This slowdown can be explained both by high international prices and by a more cautious approach to the diversification of reserves. Despite this, gold remains the cornerstone of its portfolio: the 40.3 tonnes held by the country now represent 64.4% of total reserves,” explain the authors of the study.

On the other hand, certain countries have made the opposite movement by offloading part of their gold holdings. Some central banks took advantage of the rise in prices of the precious metal, which rose from $2,629.95 on September 30, 2024 to $3,825.30 on September 30, 2025, an increase of $1,195.35. They may have been tempted to transform the gold held into cash and thus take their profits.

Uzbekistan, for example, sold more of the yellow metal than it bought, which led to a net decrease in official gold reserves of 16.8 tonnes. “These transactions make Uzbekistan the largest net seller of gold this year, reflecting a strategic shift in the way it manages its reserves,” the study points out.

“America First”

The United States remains the country with the largest gold reserves in the world with 8,133.46 tonnes. Germany and Italy follow with 3,350.25 tonnes and 2,451.84 tonnes. France is not left out and has a gold reserve of 2,437 tonnes, followed by Russia, with 2,329.63 tonnes. China has 2,302 tonnes and Switzerland 1,039 tonnes.

Bestbrokers reminds, in passing, that not all countries declare their gold holdings to the International Monetary Fund. Some countries have very little or no gold reserves.

For a particular country, this is even an anomaly. Canada is one of the largest gold producers in the world, but it does not have any gold reserves. The Central Bank of Canada does not consider gold to be as liquid an asset as, for example, U.S. Treasury securities.

“Our international monetary system is today sufficiently robust that holding an instrument of stability as ancient and outdated as gold really no longer makes any sense,” justified the former governor of the Bank of Canada, David Dodge, to Kitco News in 2022.

Norway is another country that has virtually no gold reserves. In 2004, Norges Bank announced that it would sell all its gold reserves. A total of seven gold bars and some gold coins were kept for display purposes.

“These cases stand in stark contrast to most other advanced economies, where gold continues to represent a significant portion of central bank reserves. They highlight that not all major economies view the precious metal as essential to their reserve strategy, even countries with large mining industries like Canada or historic reserves like Norway,” Bestbrokers reports.

A “trend that has a bright future ahead of it”

For ING, this upward trend in gold “still has a bright future ahead of it”. The Dutch bank cites continued purchases by central banks and the trade war led by Donald Trump as catalysts. The Dutch establishment is also counting on an increase in ETF holdings and an intensification of expectations of further rate cuts by the American Federal Reserve.

This prompted him to revise upwards his forecasts for gold. ING now expects an average price of $4,000 per ounce in the fourth quarter, which would bring the annual average to $3,402 per ounce, before reaching an average price of $4,150 per ounce in 2026.