Krishan Gopaul

On 2 September, De Nederlandsche Bank (DNB) announced that it had transferred approximately 86t of gold from New York and Ottawa to London. The announcement highlights a broader shift in central bank thinking on where gold reserves should be stored to balance security, accessibility and liquidity.

Central bank demand for gold remained robust in October, totalling 53t (+36% m/m) and continuing the strong trend seen throughout the year. Buying remained concentrated among a small number of central banks, led by the National Bank of Poland which became active again during the month.

Central banks added a net 19t to global gold reserves in August, based on reported data from both the IMF and respective central banks. This is broadly in line with monthly net purchases between March and June, and signals a return to buying form after global reserves were unchanged in July.

Central banks reported 22t of net purchases in June via the IMF and other public data sources. Based on available data,*demand saw a modest m/m increase for the third consecutive month. In H1, central banks reported net buying of 123t, a slight y/y decline from H1 2024.

Central banks added a net 11t to global gold reserves in April, the second consecutive month of slower accumulation.

Central banks continue momentum of gold purchases into March 2025.

Central banks reported 3t of net selling in December via the IMF and other public data sources. The People’s Bank of China was the largest reported net buyer this month (10t), followed by Czech National Bank and Bank of Ghana with a tonne net purchases each. The National Bank of Kazakhstan was the largest seller (11t) during the month.

Based on available reported data, central banks bought a net 53t in November. The National Bank of Poland (21t) was the biggest buyer, while the People's Bank of China reported its first addition (5t) since April.

Central banks reported 40t of net buying in September via the IMF and other public data sources. Demand recovered during the month: monthly gross purchases of 48t were offset by gross sales of 8t.

Central banks have shown an ongoing commitment to accumulating gold in recent months. While the overall level of reported demand has cooled as the gold price has continued to rally to new record highs, it has nonetheless remained positive.

Central banks reported 12t of net buying in June via the IMF and other public data sources. Demand moderated during the month: monthly gross purchases of 31t were offset by gross sales of 18t.

Central banks reported 10t of net buying in May via the IMF and other public data sources. Demand moderated during the month: monthly gross purchases fell to 23t and offset by gross sales of 12t.*

The rapid rise in the gold price during March raised  several questions. One of these was whether central banks – whose demand has been posited as a key reason for the recent rally – would change their gold buying behaviour in response.

Central banks reported 16t of net buying in March via the IMF and other public data sources. Demand remained healthy: monthly gross purchases were steady m/m at 40t, partly offset by gross sales of 25t.

Data for February shows that reported global central bank gold reserves rose by 19t, the ninth consecutive month of growth. At the same time February’s buying was 58% lower than January’s total of 45t.