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Global central banks bought a net 20t in May based on reported data, close to but still below the 12-month average of 27t (Chart 1).1 Fresh tensions in the Middle East may have reinforced the
Central Bank Gold Buying Picks Up In May
Summary
- Central banks added a net 20t to global gold reserves in May, an uptick from the previous month, though overall pace has moderated slightly.
- The National Bank of Kazakhstan led buying this month (7t), followed by Turkey and Poland, each with 6t net purchases; meanwhile, the Monetary Authority of Singapore reported sales of 5t over the same period.
- In our recently released Central Bank Gold Reserves Survey 2025, 43% of central bankers surveyed stated their own central bank would increase their gold reserves and 95% believed that official gold reserves would continue to increase in the next 12 months, citing gold’s attributes as a diversifier and hedge during crisis and inflation as key factors influencing their decision to hold gold.
- This sentiment was echoed in the Official Monetary and Financial Institutions Forum Global Public Investor 2025 where 32% of central banks expect to increase gold holdings in the next 12–24 months.
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