| | | "Central banks have been significant buyers of gold in 2025. In the first half of the year, central banks added 410 metric tons or 415 metric tons of gold to their reserves. This includes 244 tonnes in Q1 and 166.5 tonnes in Q2.
Major central bank buyers in 2025 include Poland, Azerbaijan, Kazakhstan, China, and Turkey. Poland added 67 tonnes of gold through May, and Kazakhstan added 15 tonnesby May. China also resumed gold purchases after a six-month pause.
According to data from the World Gold Council, the largest central bank gold purchasers in 2025, based on activity through the first half of the year, were
- Poland: Purchased 67 tonnes.
- Azerbaijan (State Oil Fund): Purchased 35 tonnes.
- Kazakhstan: Added 22 tonnes.
Other notable purchasers
Several other countries made substantial purchases during the year, particularly in the first half:
- People's Bank of China: Added 19 tonnes through the first half of 2025.
- Reserve Bank of India: Purchased 18 tonnes in Q1.
- Central Bank of Turkey: Acquired 17 tonnes through the first half of 2025.
- Czech National Bank: Bought 11 tonnes in the first half of the year
As of mid-September 2025, global gold ETFs have purchased approximately
443 metric tons of gold during the year. This follows a first half of the year where holdings increased by 397.1 metric tons, which was the highest six-month inflow since 2020.
This surge in demand has been a key factor behind gold's record-setting price rally in 2025, with prices topping $3,700 per ounce in September. The significant inflows mark a reversal of trends after three consecutive years of outflows between 2021 and 2024.
Key ETF purchase figures in 2025
- Year-to-date inflows: By mid-August, total global inflows into gold ETFs reached $43.6 billion, representing about 443 metric tons of gold.
- First half of 2025 inflows: According to the World Gold Council, gold ETFs recorded an inflow of $38 billion, increasing their collective holdings by 397.1 metric tons.
- August inflows: Global physically backed gold ETFs saw inflows of 53 metric tons during August.
- September inflows: In September, the three largest gold-backed ETFs attracted over $5 billion in a single month. This included SPDR Gold Shares (GLD) with $2.67 billion and iShares Gold Trust (IAU) with $2.13 billion."
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