Central banks raise gold holdings to highest level in over 100 years
World central banks bought 41 tonnes in May, the biggest monthly increase since November 2025, as reserve managers continued to diversify amid inflation, sanctions and dollar-related concerns.
Summary
Central banks have raised their gold holdings to the highest level in more than a century, with the World Gold Council reporting net purchases of 41 tonnes in May, the largest monthly increase since November 2025. Poland led May buying with 18 tonnes, followed by China with 10 tonnes, Uzbekistan with 9 tonnes, Kazakhstan with 7 tonnes and Singapore with 4 tonnes, highlighting continued official-sector demand for bullion as reserve managers seek diversification, inflation hedging and protection against sanctions risk.
Terms & Concepts
- reserve asset: Asset held by central banks as part of official reserves.
- official-sector demand: Gold buying by central banks and other public monetary authorities, which can influence long-term market supply and prices.
- bullion: Physical precious metal, typically gold, held in bars or other standardized forms for investment or reserves.