Poland leads central banks in gold buying for 2025, regional reserves lag

Central banks worldwide net bought 863 tonnes of gold in 2025, continuing a strong purchasing trend into the first quarter of 2026 when official institutions added almost 244 tonnes. Poland’s national bank was the largest buyer, acquiring 102 tonnes in 2025 and another 31 tonnes in Q1 2026, raising its holdings to 582 tonnes. The next biggest purchasers in early 2026 were Uzbekistan (25 t), Kazakhstan (12 t), China (7 t) and the Czech Republic and Malaysia (5 t each).

In the region, Croatia’s central bank holds only 1.8 tonnes of gold – the minimum required for Euro‑zone entry – while Slovenia ended 2025 with 4.23 tonnes and Serbia with a record 52.5 tonnes. Analysts note the shift reflects a broader dedollarisation strategy, with gold being positioned as a strategic, non‑currency‑linked reserve asset amid geopolitical tensions.

The data, reported by the World Gold Council and local analysts, highlight how countries are using gold to bolster monetary stability and signal independence from dominant financial systems.