Global central banks boost gold purchases by 28% despite record-high prices

Central banks worldwide remained a key driver of gold demand in Q3, ramping up purchases following a two-quarter slowdown. Net gold purchases in the third quarter amounted to approximately 220 tons, marking a 28% increase from Q2 and about 6% higher than the five-year quarterly average.

While gold prices, which have risen by around 50% since the start of the year to reach new highs, may have initially limited buying activity, the increase in demand in the latest quarter demonstrates that central banks continue to strategically accumulate gold, despite the higher prices.

This trend aligns with the findings of the 2025 Central Bank Gold Survey, where respondents expressed a strong intention to increase gold reserves in the coming year.

Globally, central banks have added a total of 634 tons of gold year-to-date, slightly lower than the same period in the previous three years, but still above the pre-2022 annual average of 400-500 tons. Although gold demand in 2025 may not reach the levels seen in the past three years, overall demand remains robust.

Emerging markets continued to buy, with many countries re-entering the market after a hiatus

Central banks in emerging markets were the main buyers of gold in Q3, with some countries returning to the market after a long break.

• Kazakhstan’s central bank was the largest buyer, adding 18 tons to its gold reserves, bringing its total to 324 tons.
• Brazil’s central bank, which last bought gold in July 2021, purchased an additional 15 tons in September, bringing its gold holdings to 145 tons.
• Turkey’s central bank continued its gold purchases, increasing official gold reserves (including those held by the central bank and the Ministry of Finance) by 7 tons in Q3, bringing its total to 641 tons.
• Guatemala’s central bank added 6 tons of gold to its reserves, marking a 91% increase, which now represents 5% of the country's total reserves.

Other countries that reported smaller gold purchases in Q3 include:

• Iraq (6 tons)
• People’s Bank of China (5 tons)
• Czech National Bank (5 tons)
• Bank of Ghana (4 tons)
• State Oil Fund of Azerbaijan (4 tons)
• Bulgarian National Bank (2 tons), as part of its contribution to the European Central Bank's reserves, ahead of Bulgaria’s planned eurozone entry in 2026
• Bank Indonesia (2 tons)
• Bangko Sentral ng Pilipinas (2 tons)
• National Bank of Kyrgyzstan (1 ton)
• National Bank of Serbia (1 ton)

On the other hand, only two countries reported a reduction in their gold reserves in Q3: Uzbekistan’s central bank (-3 tons) and Qatar’s central bank (-1 ton).

Poland remains the largest buyer of gold this year, despite a temporary pause in purchases

The National Bank of Poland (NBP) continues to be the largest gold buyer of the year, even though it has been on the sidelines since May. The bank has reinforced its intention to increase its gold reserves by adjusting its target allocation of gold in foreign reserves from 20% to 30%.

The NBP stated that the size and speed of its purchases will depend on market conditions. Currently, it holds a total of 515 tons of gold, which accounts for 24% of its total reserves.

Unreported demand exceeds 66% for this quarter

When combining the gold demand data for Q3 with monthly statistics, it is noted that approximately 66% of the demand for this quarter has not been officially reported. This trend has been ongoing since 2022, and the figure may be revised down if there are delays in reporting.

Outlook for Q4

It is expected that central banks will continue to make net gold purchases in Q4, although the volume may be sensitive to price levels. While gold accumulation this year may be lower than in previous years, demand still remains significantly above historical averages. For reserve managers, this reinforces the idea that gold continues to be a strategic asset with a key role in central bank investment portfolios worldwide.

Thailand’s gold bar investment demand in Q3 2025 hits a 7-year high

The World Gold Council revealed in its Q3 2025 Gold Demand Trends report that Thailand’s demand for gold bars and coins for investment purposes was the highest since Q1 2019. Meanwhile, global gold demand from all sectors, including over-the-counter (OTC) transactions, reached 1,313 tons, worth approximately US$146 billion, marking the highest quarterly demand on record.

Shaokai Fan, Head of Asia Pacific (excluding China) and Global Head of Central Banks at the WGC, noted that Thailand’s gold market trends remain positive, with demand for gold continuing to set new records. The current market conditions indicate further potential for growth.

For Thai investors, particularly in gold bars and coins, which have seen the highest demand since Q1 2019, the report highlights that Thailand’s gold market remains far from saturated. Thus, holding gold to strengthen investment portfolios continues to be an attractive strategy.