Global central banks continued to steadily accumulate gold in May, adding 20 tons to their reserves amid ongoing geopolitical uncertainty and market volatility.
While the monthly total increased from 16 tons in April, it remained below the 12-month average of 27 tons, according to the World Gold Council.
The World Gold Council attributed the increased buying to renewed geopolitical concerns, particularly in the Middle East, which bolstered gold’s role as a strategic reserve asset amidst global uncertainty.
Kazakhstan emerged as the most active buyer during the month, adding seven tons to its gold reserves, bringing its total to 299 tons.
The National Bank of Kazakhstan has added 15 tons since the beginning of the year.
This trend among central banks underscores gold’s enduring appeal as a safe-haven asset, especially during periods of geopolitical turbulence and macroeconomic uncertainty.
Central Banks: Turkey and Poland Join List of Major 2025 Gold Acquirers
The Central Bank of Turkey and the National Bank of Poland tied for second place among gold buyers, with each institution purchasing six tons.
As a result, the “Bank of England remains the largest net buyer of gold in 2025, adding 67 tons,” according to the World Gold Council.
The People’s Bank of China and the Czech National Bank each added two tons of gold in May.
The National Bank of the Kyrgyz Republic, the National Bank of Cambodia, the Central Bank of the Philippines, and the Bank of Ghana each bought one ton of gold.
May Gold Sales: Singapore Tops List of Central Bank Disposals
On the selling side, the Monetary Authority of Singapore (MAS) offloaded the largest quantity of gold, reducing its reserves by five tons of the precious metal.
Following Singapore, the Central Bank of the Republic of Uzbekistan and the German Central Bank each sold a ton of gold during May.
This activity cemented Uzbekistan’s status as the leading net seller of gold for 2025 to date, with its sales totaling 27 tons.
Singapore ranked second, with total sales amounting to 10 tons.
According to the World Gold Council, central banks have cumulatively purchased 1,000 tons of gold annually over the past three years, a significant increase compared to the 400 to 500 tons per year observed in the preceding decade.
Which country is the top gold buyer and seller in 2025? Egypt Independent.
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