Global Central Banks Step Up Gold Buying in October: What the Latest Data Reveals

Global Central Banks Step Up Gold Buying in October: What the Latest Data Reveals

October marked one of the strongest months of the year for global central bank gold demand, according to the latest insights shared by analysts at the World Gold Council. A renewed wave of buying activity from long-standing purchasers—along with interest from new entrants—highlights how gold continues to play a stabilizing role amid global financial uncertainty.

A Strong Month for Official Gold Demand

Official sector institutions collectively purchased 53 tonnes of gold during October, representing a notable month-over-month increase. This sustained buying activity aligns with a broader trend seen throughout the year, where central banks have consistently sought to reinforce economic resilience with additional bullion.

Although the total reported purchases for 2025 have reached 254 tonnes so far—slightly below the pace of the past three years—the motives appear to be strategic rather than price-driven. Higher market prices may have tapered the speed of accumulation, but not the intent behind it. Many emerging-market central banks continue to view gold as a long-term shield against volatility, geopolitical tensions, and currency risks.

Which Central Banks Bought Gold in October?

A familiar set of buyers dominated the October figures.

-Poland returned as a major participant after several months of pause. With a newly established target of allocating 30% of its reserves to gold, the National Bank of Poland added 16 tonnes, bringing its total holdings to 531 tonnes—roughly 26% of its reserve portfolio.

-Brazil continued its steady accumulation, adding 16 tonnes in October following a 15-tonne purchase in September. Brazil’s total gold reserves now stand at 161 tonnes, or about 6% of its reserve assets.

-Other buyers included:

-Uzbekistan (9 tonnes)

-Indonesia (4 tonnes)

-Turkey (3 tonnes)

-Czech Republic (2 tonnes)

-Kyrgyz Republic (2 tonnes)

-Ghana, China, Kazakhstan, and the Philippines, each adding just over 1 tonne.

In contrast, Russia was the only major central bank to report a reduction in holdings during the month, trimming its reserves by 3 tonnes. Analysts have previously noted that the country has been drawing from its bullion stockpile to manage international obligations and support internal demand.

Poland Leads 2025 Gold Buying So Far

From January through October, Poland remains the year’s most aggressive official-sector buyer, accumulating 83 tonnes—double that of Kazakhstan, the second-largest purchaser with 41 tonnes. While the majority of demand continues to come from emerging markets, the number of active buyers remains diverse, reinforcing gold’s global appeal as a reliable monetary asset.

Future Central Bank Gold Plans: More Buying Ahead?

Several countries have already indicated their intention to expand their gold reserves further:

- Serbia has announced a long-term target of building its holdings to 100 tonnes by 2030—nearly twice its current 52-tonne level.

- At the LBMA conference in Kyoto, representatives from Madagascar and South Korea also hinted at plans to increase their national gold positions, though neither has shared a timeline.

These forward-looking commitments reinforce a broader sentiment: in a world marked by fluctuating currencies and ongoing economic uncertainty, central banks continue to see gold as a foundation of strength and stability.