Top Gold Reserve Countries in 2025: Why Central Banks Keep Buying Bullion

Gold remains a strategic asset for central banks worldwide. Despite the rise of digital currencies and the transformation of the global financial system, this centuries-old metal retains its reputation as a reliable store of value. In 2025, global interest in gold has not only endured but intensified—fueled by geopolitical tensions, inflation, and currency market instability.

Who Holds the Most Gold Reserves?

Gold continues to play a vital role in national financial strategies. The volume and structure of gold reserves reflect not only a country's economic strength but also its level of monetary independence from foreign currencies and volatile capital markets.

According to the World Gold Council, the United States remains the world’s top holder of gold reserves, with 8,133.5 metric tons, comprising nearly 75% of total national reserves. Much of this gold is stored in Fort Knox and other strategic depositories.

Next on the list are Germany (3,351.5 tons), Italy (2,451.8 tons), France (2,437 tons), and Russia (2,332.7 tons). These countries have long prioritized reserve stability and have held substantial volumes of gold for decades.

China ranks sixth with 2,279.6 tons, although gold accounts for just 5.5% of its total reserves—a stark contrast to European nations where gold typically represents 70–75%.

The top 10 is rounded out by Switzerland (1,039.9 tons), Japan (876.1 tons), India (845.9 tons), and the Netherlands (612.4 tons). Notably, the Netherlands maintains one of the world’s highest gold-to-reserve ratios at nearly 65%.

Beyond the top ten, countries such as Kazakhstan, Uzbekistan, Saudi Arabia, and Singapore are also actively increasing their gold reserves.

Why Central Banks Keep Buying Gold

In 2024, central banks collectively added 1,045 metric tons of gold to their reserves—one of the highest annual volumes in recent decades. It marked the third consecutive year that official purchases exceeded 1,000 tons, according to the Gold Demand Trends 2024 report.

Poland was the largest buyer, increasing its reserves by 90 tons to reach 448 tons. Other major buyers included Turkey (75 tons) and India (73 tons). These countries see gold as a protective asset that can enhance financial stability in uncertain global conditions.

China's central bank has also continued buying gold. In February 2025, its holdings reached 73.61 million troy ounces (about 2,289.5 tons), as reported by Reuters. This marked the fourth consecutive month of increases.

Why Gold Is Back in the Spotlight

Gold's role in the global economy goes beyond its physical value. It serves as a barometer of trust in the financial system and reflects a country’s desire for independence from foreign influence. The renewed focus on gold in 2025 is driven by several key factors:

Geopolitical instability: sanctions, conflicts, and uncertainty in international relations are driving states toward neutral assets.

Inflation protection: gold acts as a hedge in times of declining currency purchasing power.

De-dollarization: countries—especially BRICS members and emerging markets—are diversifying away from USD-centric reserves.

Gold also offers a liquid, tangible, and credit-risk-free asset, retaining its relevance even in the age of digital finance.

As noted in the World Gold Council press release from January 2025, central bank demand remains historically high despite the surge in gold prices.

Conclusion

The ongoing gold accumulation by central banks is not a temporary response to crises but a structural shift in global monetary policy. In an era of inflation, political instability, and accelerating de-dollarization, gold continues to prove its value as a strategic, liquid, and trustworthy asset.

According to Reuters, analysts expect demand to remain strong. Likely trends include increased gold purchases by countries in Asia, Africa, and Latin America, as well as a re-evaluation of reserve strategies in nations that have traditionally relied on foreign currencies.

A growing number of states are also expected to repatriate their gold reserves—bringing physical gold back to domestic vaults. This move, already implemented by Germany and the Netherlands, reflects both security concerns and a desire for greater control over strategic assets.

At the same time, experts advise private investors to take a diversified approach—as gold prices can be volatile. Among the most stable long-term assets remains real estate.