Official Sector Resumes Purchases
Central banks returned to net gold buying in April after briefly shifting to net sales in March, according to the latest data from the World Gold Council.
The sovereign sector purchased a net 17 tonnes of gold during the month, marking a rebound from the sizeable sales reported one month earlier.
Poland Leads Global Buying
Poland remained the largest official buyer in April, adding 14 tonnes of gold to its reserves.
The purchases brought the National Bank of Poland’s year-to-date buying total to 45 tonnes, lifting its gold reserves to 595 tonnes, equal to about 30% of total reserves.
China Accelerates Its Purchases
China also increased its pace of accumulation, buying a net 8 tonnes of gold in April.
That was the country’s largest monthly purchase since December 2024 and extended its current buying streak to 18 consecutive months.
China’s Gold Reserves Continue To Rise
China’s official gold reserves now stand at around 2,322 tonnes.
According to the World Gold Council, gold represents about 9% of China’s total reserves, leaving room for further accumulation compared with some other major reserve-holding countries.
Czech Republic Maintains Consistency
The Czech Republic continued its steady gold-buying pattern in April, adding 3 tonnes.
The Czech National Bank has now purchased gold for 38 consecutive months, bringing its reserves to 79 tonnes, or about 6% of total reserves.
Eastern Europe And Asia Dominate Buying
Eastern European and Asian central banks remain the most consistent buyers in the official gold market.
Over the past 36 months, central banks in Eastern Europe have purchased an average of 12 tonnes per month, while Asian central banks have bought an average of 11 tonnes per month.
Global Buying Remains Structurally Strong
Across all central banks, average net purchases have reached 29 tonnes per month over the past three years.
This continued accumulation underscores gold’s role as a strategic reserve asset, especially during a period marked by geopolitical uncertainty, currency volatility and concerns over the long-term stability of traditional reserve assets.
Russia Extends Its Sales Streak
On the selling side, Russia remained a notable source of supply in April.
The country sold 6 tonnes of gold during the month, extending its sales streak and bringing year-to-date sales to 22 tonnes.
Uzbekistan Sells Modestly
The Central Bank of Uzbekistan sold 1 tonne of gold in April.
However, on a year-to-date basis, Uzbekistan remains a net buyer with 24 tonnes purchased, making it the second-largest official buyer behind Poland so far this year.
Uzbekistan Keeps A High Gold Share
Gold accounts for a particularly large share of Uzbekistan’s reserve assets.
The country holds around 414 tonnes of gold, representing 88% of its total reserves, one of the highest proportions among central banks.
Turkey Holds Reserves Steady
The Central Bank of the Republic of Turkey, which was the largest seller in March, reported virtually flat gold reserves in April.
Weekly data showed that short-term gold-dollar swaps matured during the month, leaving only longer-term swaps with maturities of one to three months outstanding.
Survey To Offer Fresh Insight
The World Gold Council is expected to release its ninth annual Central Bank Gold Reserves Survey later this month.
The survey will provide updated insight into how central banks view gold as a reserve asset and whether official demand is likely to remain strong in the coming year.
Central Banks Remain Positive On Gold
In the 2025 survey, 95% of respondents said they expected global central bank gold reserves to increase over the following 12 months.
That was a notable increase from the 81% of respondents who gave the same answer in the 2024 survey.
More Banks Expect To Raise Their Own Holdings
The survey also showed growing willingness among central banks to increase their own gold reserves.
In 2025, 43% of respondents said they expected their own gold holdings to rise over the next year, compared with 29% in the 2024 survey.
Gold’s Reserve Role Remains Firm
April’s return to net buying suggests that March’s sales were not enough to disrupt the broader accumulation trend.
With Poland, China and the Czech Republic continuing to add gold, and with official surveys pointing to sustained interest, central bank demand remains one of the key structural supports for the global bullion market.
