World Gold Council: Central Banks Purchase 244 Tonnes of Gold in Q1 2025
The World Gold Council revealed that central banks continued to show strong demand for gold, purchasing around 244 tonnes in the first quarter of 2025. This marks a notable decline of 21% compared to the same period last year, which recorded 309.9 tonnes.
Despite the decrease, demand remained strong in absolute terms, exceeding the five-year quarterly average by 24%, and coming in just 9% below the three-year average recorded during a period of exceptionally high demand.
In its report titled "Gold Demand Trends," the World Gold Council attributed the ongoing central bank interest in gold to the heightened uncertainty that intensified during the first quarter. This uncertainty helped push gold prices to record highs, increasing the appeal of gold as a store of value during turbulent times.
Volatile events during the quarter reinforced gold’s strengths, providing additional support for its price rally.
The People’s Bank of China announced an addition of 13 tonnes to its gold reserves in Q1, bringing its total declared holdings to 2,292 tonnes by the end of the quarter. This raised gold's share of China’s total reserves to 6.5%.
Kazakhstan’s central bank also added 6 tonnes, raising its official gold reserves to 291 tonnes. In early April, Aliya Moldabekova, Deputy Governor of the National Bank of Kazakhstan, confirmed this increase.
The Czech National Bank increased its gold holdings by 5 tonnes in Q1. Years of consistent accumulation have brought the Czech Republic’s gold reserves to 56 tonnes by the end of the quarter—over four times the level at the end of 2021.
The Reserve Bank of India added 3 tonnes of gold during the first quarter. However, its gold buying has been less consistent in recent months compared to 2024, when monthly purchases were made except in December. As of the end of March, India’s gold reserves stood at 880 tonnes, accounting for 12% of its total reserves.
According to the Council, central banks in the Middle East also continued to show interest in gold. Qatar added 3 tonnes and Egypt added 1 tonne to their reserves during the first quarter.
The price of gold continued its rise in global markets, reaching an all-time high of over $3,500 per ounce earlier this month. Even after recent declines, gold remains one of the best-performing major assets globally over the past five years.
