Poland, China Drive March Gold Reserves Boost as Central Banks Remain Net Buyers

Key Highlights:

• Net central bank gold purchases totaled 17 tonnes in March 2025
• Poland leads monthly and YTD buying, adding 16t in March and 49t in 2025
• China, Kazakhstan, and Turkey, among other active buyers
• Uzbekistan, Singapore, and Kyrgyzstan lead Q1 2025 net sales

Central banks remained net buyers of gold in March 2025, reinforcing the precious metal’s role as a strategic reserve asset amid continued macroeconomic uncertainty and geopolitical fragmentation. According to the latest data released by the World Gold Council, global central banks added a net 17 tonnes of gold to their reserves in March, extending the strong accumulation trend seen over the past year.

Monthly gross purchases stood at 35 tonnes, offset by 18 tonnes in gross sales. The largest individual buyer was the National Bank of Poland, which added 16 tonnes during the month—bringing its total year-to-date acquisition to 49 tonnes, making it the most aggressive buyer of gold so far in 2025.

Gold Data: March 2025, Source: Gold.org

Poland’s sustained gold build-up underscores a growing trend among European central banks to diversify away from traditional currency holdings. The National Bank of Kazakhstan followed with an 11-tonne purchase in March, while China’s central bank—a consistent buyer over the past year—added another 3 tonnes. Smaller additions came from the Czech Republic (2t) and Turkey (1t).

Conversely, the Central Bank of Uzbekistan was the month’s largest net seller, reducing its holdings by 11 tonnes. Singapore (5t) and Kyrgyzstan (2t) also trimmed their reserves, pointing to region-specific reserve management strategies or short-term liquidity needs.

Looking at the broader picture, central banks have reported 61 tonnes of net buying year-to-date, with an average monthly gross purchase of 28 tonnes. While this is slightly off the record-setting pace seen in 2022–23, it reflects enduring central bank confidence in gold’s store-of-value credentials.

The year-to-date net sellers list is topped by Uzbekistan (15t), followed by Singapore (5t), Kyrgyzstan (4t), and Russia (3t)—highlighting that while gold remains a core reserve for many, tactical shifts are not uncommon as countries respond to fiscal pressures or rebalance asset portfolios.

With heightened tensions across geopolitical flashpoints, volatile bond markets, and persistent inflationary concerns in parts of the world, gold’s safe-haven appeal remains robust. Central banks, particularly in emerging and frontier markets, continue to view it as a hedge against currency debasement and as a tool for reserve diversification.

As global monetary dynamics evolve, all eyes will remain on the likes of Poland, China, and other strategic accumulators. Their activity could signal broader shifts in the global monetary order, where trust in tangible, apolitical assets like gold continues to gain ground.