Thailand Central banks rush to hoard gold as bitcoin joins reserve race
Central banks bought a net 53 tonnes of gold in October 2025, up 36% from the previous month and the strongest monthly total so far this year, according to World Gold Council data.
That took official sector net purchases for the year to 254 tonnes by the end of October, making 2025 the fourth-strongest year for central bank gold accumulation this century.
The buying spree underscores lingering concerns over economic stability and the need to diversify away from traditional reserve currencies.
Poland’s central bank leads the buying
The National Bank of Poland was October’s biggest buyer, adding 16 tonnes and pushing its gold reserves to a record 531 tonnes, equivalent to about 26% of its total foreign exchange reserves.
Brazil also increased its holdings by 16 tonnes, while Uzbekistan added 9 tonnes and Indonesia 4 tonnes. Turkey, the Czech Republic and Kyrgyz Republic each expanded their reserves by a further 2–3 tonnes.
At the same time, Ghana, China, Kazakhstan and the Philippines were also net buyers, while Russia trimmed its holdings by 3 tonnes to 2,327 tonnes.
A recent survey found that 95% of respondent central banks expect their gold reserves to rise further next year. Serbia, for example, plans to nearly double its bullion holdings to 100 tonnes by 2030, while Madagascar and South Korea are considering similar moves. Persistent demand despite record-high prices underlines gold’s strategic role in an increasingly uncertain world.
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