Global Central Banks Accelerate Gold Buying in October

New data from the World Gold Council (WGC) shows that central bank gold purchases gained striking momentum in October, marking the most substantial monthly accumulation of the year. With net purchases totaling 53 tons, central banks boosted their collective demand by 36% compared to September, signaling a renewed appetite for reserve diversification amid shifting global economic conditions.

October Marks the Fastest Pace of 2025

Throughout 2025, central bank buying has remained an essential driver of global gold demand, yet October stands out clearly. The month’s 53-ton increase represents the highest monthly net addition of the year, underscoring the strategic role gold continues to play for emerging market monetary authorities.

Even though reported acquisitions between January and October reached 254 tons, this cumulative figure still lags behind the pace observed over the previous three years. The WGC notes that this deceleration reflects a more selective approach by reserve managers rather than a retreat from gold’s long-term appeal.

Emerging Markets Continue to Shape the Trend

The gold-buying pattern remains dominated by a handful of emerging market central banks, many of which have been consistently expanding their bullion holdings over recent years. This behavior has been driven mainly by structural considerations, such as reducing exposure to foreign-currency volatility, strengthening financial buffers, and enhancing credibility during periods of global uncertainty.

While the intensity of purchases varies month to month, the underlying motivation remains steady: gold’s unique role as a crisis hedge and a strategic reserve asset.

Poland Returns as the Top Buyer After a Pause

Among all institutions, the National Bank of Poland (NBP) made the most notable contribution to October’s surge. After a months-long pause, Poland returned aggressively to the market, acquiring 16 tons of gold in a single month.

This renewed activity follows the bank’s decision to target a 30% gold share within its total reserves. With the latest addition, Poland’s gold holdings climbed to 531 tons, meaning 26% of the country’s official reserves now consist of gold. Poland’s accumulation strategy has positioned it as one of Europe’s most active buyers over the past several years.

Brazil Continues Its Buying Streak

The Central Bank of Brazil recorded its second consecutive month of purchases, adding another 16 tons in October. This increase brought Brazil’s total gold reserves to 161 tons, reflecting a steady, multi-month trend of rebuilding gold exposure as part of its broader reserve management strategy.

For Brazil, the renewed interest in bullion aligns with efforts to cushion against commodity-driven macro volatility and strengthen external balance sheet resilience.

Other Active Buyers: Uzbekistan, Indonesia, Turkey, CEE Economies

A diverse group of central banks contributed to the month’s strong overall demand:

• Uzbekistan: Added 9 tons, continuing its long-term pattern of adjusting reserves as part of domestic gold sector management.

• Indonesia: Increased holdings by 4 tons, marking another strategic move among Southeast Asian reserve managers.

• Turkey: Reported a 3-ton rise, consistent with its periodic adjustments throughout 2025.

• Czech Republic and Kyrgyzstan: Each added 2 tons, a noteworthy step for relatively more minor economies gaining pace in reserve diversification.

These additions, while smaller individually, collectively contributed to the broad and geographically widespread character of October’s gold demand.

Smaller Purchases: China, Ghana, Kazakhstan, and the Philippines

Several additional buyers made modest but meaningful contributions, each adding slightly above 1 ton:

• China

• Ghana

• Kazakhstan

• Philippines

Although these increments are relatively small, they reflect the broader pattern of persistent interest in gold among emerging and mid-sized economies. For some central banks, maintaining steady, smaller purchases is part of a deliberate long-term reserve accumulation strategy.

What October’s Surge Signals for the Gold Market

The acceleration in October illustrates that central banks are maintaining a structurally positive stance toward gold, even if annual totals remain below previous record years. The expanding list of buying countries and the resurgence of major actors such as Poland point to the enduring relevance of gold as a stability-oriented reserve asset.

As global monetary dynamics continue to shift—with interest rate adjustments, geopolitical risks, and currency realignments—central banks appear inclined to keep gold as a strategic pillar of their reserve portfolios.