In the latest World Gold Council survey, central bankers overwhelmingly said they expect global gold reserves to continue growing in the next 12 months. They seem to be putting their money where their mouths are. After flipping back positive in April, central bank gold buying accelerated in May.
According to the latest data compiled by the World Gold Council, central banks globally added a net 41 tonnes of gold to their reserves in May.
The Gold Buyers
As has been the case for the last several months, Poland was the biggest gold buyer in May, adding another 18 tonnes of metal to its holdings. So far this year, the Polish central bank has accumulated an additional 64 tonnes of gold.
The National Bank of Poland now holds 614 tonnes of gold, making up about 30 percent of its reserves.
Poland led central bank gold buying in 2025, adding 102 tonnes of gold to its holdings.
Late last year, the National Bank of Poland issued a statement saying it plans to purchase up to 150 more tonnes of gold, raising its holdings to a maximum of 700 tonnes.
NBP Governor Adam Glapiński said the increase in gold reserves would elevate Poland to an “elite” status.
“This will place Poland among the elite 10 countries with the largest gold reserves in the world.”
The Polish central bank already holds more gold than the European Central Bank. To put the country's gold reserves in context, the NBP only held 14 tonnes of gold in 1996.
China has reported increases to its official gold reserves for 20 straight months, and it has ramped up the pace of accumulation. In May, China reported a 10-tonne increase to its official gold reserves. That follows an 8-tonne purchase in April.
Year-to-date, the Chinese Central Bank has officially increased its gold holdings by 25 tonnes. China now officially holds 2,331 tonnes of the yellow metal, accounting for about 9 percent of its total reserves.
Notice the emphasis on "official."
China is among the central banks that are likely to hold significantly more gold than they publicly disclose. As Jan Nieuwenhuijs has reported, the People's Bank of China is secretly buying large amounts of gold off the books. According to data parsed by the renowned Money Metals researcher, the Chinese central bank is currently sitting on more than 5,000 tonnes of monetary gold located in Beijing – more than TWICE what has been publicly admitted.
Last fall, mainstream reporting finally picked up on this| New Window.
Uzbekistan sold gold in April, but flipped back to buying in May, adding 9 tonnes of gold to its reserves. The Uzbek central bank has primarily been in a buying mood this year. Despite April’s 1-tonne sale, Uzbekistan has increased its gold holdings by 32 tonnes. The country holds about 87 percent of its reserves in gold.
It is not unusual for central banks that buy from domestic sources, such as Uzbekistan and Kazakhstan, to pivot back and forth between buying and selling.
Speaking of Kazakhstan, its central bank increased its gold holdings by 7 tonnes in May. The Kazakhs have increased their gold reserves by 20 tonnes net this year. Its 361 tonnes of gold account for about 78 percent of its reserves.
The Czech Republic has been one of the most consistent gold buyers over the last few years. The trend continued in May with another 2-tonne purchase.
The Czechs have adopted a slow, steady approach, buying gold for 39 straight months. The country added 20 tonnes to its holdings last year. It now holds 81 tonnes of gold. Czech officials say they plan to increase gold reserves to 100 tonnes by 2028.
The Monetary Authority of Singapore bought 4 tonnes of gold in May. It was the country’s first purchase since September 2025.
Jordan rounded out the buyers with a 2-tonne increase to its gold reserves.
The World Gold Council noted an uptick in South and Central American gold buying, with several central banks reporting an increase in reserves in 2026.
Chile – 8 tonnes
Guatemala – 2 tonnes
Bolivia – 1 tonne
Uruguay – 1 tonne
The Gold Sellers
Russia has become a consistent seller as it copes with the impacts of economic sanctions and a wartime economy. The Russian central bank unloaded 6 tonnes of gold in May. So far this year, the Russian central bank has sold 34 tonnes of gold, lowering its reserves to 2,292 tonnes.
After holding reserves steady in April, the Central Bank of Turkey sold 1 tonne of gold in May.
The Big Picture
Looking at the trends, central bank gold buying moderated in 2025 but remained far above the recent historical average. Official net full-year buying came in at 863.3 tonnes. That was down 21 percent year-on-year, charting the lowest level since 2021.
However, while central bank gold purchases declined last year, they were still well above the 2010-2021 annual average of 473 tonnes.
Last year was the fourth-largest expansion of central bank gold reserves on record. The all-time high was set in 2022 (1,136 tonnes). It was the highest level of net purchases on record, dating back to 1950, including since the suspension of dollar convertibility into gold in 1971.
The surging gold price was likely a factor in slowing central bank gold accumulation. As the World Gold Council put it, the higher price prompted “a more cautious approach.”
“This highlights that central banks are not insensitive to price dynamics, even as their long-term strategic interest in gold remains firmly intact.”
With prices moderating, it appears that several central banks are taking advantage of the recent correction to accumulate gold more quickly.
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