Report: Countries with the most gold reserves, 2025

In 2025, gold prices soared to unprecedented heights, with spot gold trading above $3,228.28 per troy ounce as of 14 May—an extraordinary increase of over 83% in just one year. This impressive surge is primarily a result of escalating geopolitical tensions and mounting economic uncertainties from the past two years, pushing the price of gold bars to a staggering $1 million for the first time in history.

The recent imposition of sweeping tariffs by U.S. President Donald Trump has intensified worries about a looming global trade war. These tariffs are impacting a wide array of goods and have instigated fears of economic slowdowns, compelling investors to flock to safe-haven assets like gold. Since Trump’s inauguration on 20 January, the price of gold has skyrocketed by over 25%, a striking contrast to the S&P 500, which has plummeted by nearly 7% during the same period.

As gold continues to dominate headlines in 2025, the CEOWORLD magazine and COSMOS Analytica team have proactively researched the demand for gold among central banks in 2024 and the first quarter of 2025. We gathered comprehensive data from the World Gold Council (WGC) to pinpoint the nations that aggressively increased their gold reserves over the past year and in the initial months of 2025, along with those countries that have liquidated significant amounts of this precious metal.

Countries Building Their Gold Reserves in 2024

In 2024, several countries made significant strides in increasing their gold reserves through robust purchases. Poland spearheaded this movement, expanding its reserves by an impressive 89.54 tonnes, marking a remarkable 25% increase. The geopolitical climate, particularly due to Russia’s invasion of Ukraine, has driven Poland’s central bank to fortify its gold holdings. While high prices may have tempered some enthusiasm—Poland purchased 130 tonnes the previous year—it now boasts over 448.2 tonnes of gold, constituting roughly 17% of its entire reserves, ranking it 12th globally for gold holdings.

Following Poland, Turkey and India also made notable gains in their gold reserves. Turkey added 74.79 tonnes, resulting in a solid 13.85% increase in its holdings, while India secured 72.6 tonnes, a rise of 9.03%.

China, despite already having extensive gold reserves, continued its acquisitions with 44.17 tonnes added in 2024. However, it has moderated its buying pace, having previously added 224.9 tonnes in 2023 and 62.2 tonnes in 2022. Other countries making headlines in the top 10 for gold purchases include the Czech Republic, Iraq, Hungary, Uzbekistan, Ghana, and Qatar.

One noteworthy player in 2024 is Zimbabwe, which increased its gold reserves by 1.3 tonnes, bringing its total to 2 tonnes—an impressive 54% of its entire national reserve. This strategic move comes amidst the local currency’s depreciation and a hyperinflation rate exceeding 55% as of March 2024.

The Russian Federation also made a modest addition of 3.11 tonnes to its gold reserves, a significant slowdown compared to the previous decade when it expanded its reserves by over 1,750 tonnes from 2009 to 2019.

Additionally, the State Oil Fund of the Republic of Azerbaijan (SOFAZ) proactively increased its reserves by 25 tonnes. While Azerbaijan’s central bank does not report any gold reserves—hence its absence from the list of the largest net buyers—SOFAZ, managing the country’s oil and gas revenues, has strategically included gold in its investment portfolio since 2012. It now owns 146.6 tonnes of gold, accounting for approximately 20.5% of the entire fund.

Countries with a drop in gold reserves in 2024

In a striking development, several central banks made significant cuts to their gold reserves in 2024, with the Philippines leading the charge. Recent data clearly shows that multiple countries opted to sell portions of their gold holdings, likely driven by economic pressures, financial restructuring, and the need for liquidity in turbulent markets. The previous year’s impressive gold rally, where prices surged by 50%, also prompted many countries to take profits.

In 2024, the Central Bank of the Philippines engaged in standard operational procedures of buying and selling gold. However, the amount sold far surpassed the purchases, leading to a notable decrease of 29.4 metric tonnes in its official gold reserves. This drastic reduction positions the Philippines as the largest net gold seller of the year, signaling a noteworthy strategic shift in reserve management. The Central Bank typically purchases gold from local miners and selectively retains some, but it is now leveraging higher market prices by selling off various amounts.

Kazakhstan ranks as the second-largest seller, shedding 10.18 tonnes of its gold reserves in 2024. With the 19th-largest stock of gold bars and coins globally at 284.05 tonnes—about 52% of its total reserves—the country has pivoted from years of accumulation to selling since 2022, offloading 50.7 tonnes that year and an additional 57.4 tonnes in 2023.

Singapore also made substantial cuts, reducing its gold holdings by 10.07 metric tonnes, representing 4.38% of its total reserves. After acquiring 26.3 tonnes in 2021 and another 76.3 tonnes in 2023, Singapore currently holds nearly 220 tonnes of gold, which constitutes roughly 4.8% of its overall reserves.

Thailand similarly made significant sales, reducing its official gold reserves by 9.64 metric tonnes—a 3.95% decrease. The country has been accumulating gold over the years, having bought over 90 tonnes in 2021 and nearly 53 tonnes in 2011. However, leveraging high market prices, it reported a reduction of more than 9.6 tonnes last March.

Germany, with the second-largest gold reserves globally after the U.S., sold 1.12 tonnes in 2024, bringing its total to 3,351.53 tonnes. Germany has been regularly selling gold, consistently reducing its reserves every year since at least 2002. Notably, last year’s 1.12 tonnes marked the smallest reduction in its holdings in a single year.

Other countries reporting decreases in their gold reserves include Mongolia, Suriname, Belarus, Cambodia, and Malta, each with net sales under a tonne. Significant reductions were also noted from Curacao, Sint Maarten, and Cabo Verde; however, comprehensive data for Cabo Verde was lacking, and the data for Curacao and Sint Maarten was combined, despite them being separate entities.

Countries with the most gold reserves, 2025

Who does not own any gold?

Interestingly, Canada is one of the largest gold-mining countries in the world, yet it has no gold reserves. Leading gold-mining companies such as Barrick Gold, Agnico Eagle, and Kinross are based in Canada. The central bank does not view gold as a liquid asset to the same degree as U.S. Treasury securities. In a 2019 speech, Timothy Lane, the former Deputy Governor of the Bank of Canada, explained that having gold “doesn’t fit well within the asset-matching framework.” In 2023, Canada, as the fourth-largest gold producer globally, mined 191.9 tonnes of gold but retained not a single ounce for its reserves.

Another country with virtually no gold reserves is Norway. It once held significant quantities of the precious metal, but during World War II, when Nazi Germany invaded, the National Treasury of Norway was “evacuated” to the United Kingdom and subsequently to the United States. This treasury included 50 tonnes of gold, which were transported using civilian lorries, trains, and ships. The gold was utilized to fund the government in exile and support the Norwegian resistance. In 1987, ten tonnes of gold coins were returned to Norway. However, in 2004, Norges Bank announced its decision to sell all of its gold holdings. Only seven gold bars and some gold coins were kept for exhibition purposes.

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