Poland, Kazakhstan lead global gold purchases since start of 2025

Since the start of 2025, Poland’s National Bank has remained the top buyer of gold, increasing its reserves by 95 tons, followed by Kazakhstan’s central bank with a 49-ton rise, according to the World Gold Council.

Experts note that central banks worldwide continued active gold purchases in November 2025, adding 45 tons, slightly below October’s levels but still robust, Caliber.Az reports.

Over the first 11 months of 2025, net gold purchases reached 297 tons. Poland (+12 tons) and Brazil (+11 tons) showed the largest November gains, while Uzbekistan (+10 tons), Kazakhstan (+8 tons), Kyrgyzstan, and the Czech Republic (+2 tons each) also increased reserves. Smaller additions came from the central banks of China and Indonesia, each adding one ton.

Gold has surpassed the US dollar to become the world’s largest reserve asset, reflecting growing central bank interest amid financial market instability.

By Jeyhun Aghazada