Global Gold Race: China Follows Poland and Kazakhstan Amid Surging Demand

Poland and Kazakhstan became the leading gold buyers this year, purchasing 67.1 tons and 32.4 tons of the precious metal, according to figures from the World Gold Council cited by the research company BestBrokers. China followed in third place with 22.7 tons, while the top ten also included Turkey, the Czech Republic, Cambodia, Ghana, Qatar, India, and Serbia.

Major Sellers Reduce Reserves as Russia Cuts Gold for the First Time in 19 Years

Uzbekistan ranked first among countries that officially reduced their gold reserves, cutting holdings by 16.8 tons. Singapore followed with 15.8 tons, then Indonesia with 12.9 tons, Russia with 6.2 tons, and Germany with 1.3 tons. For Russia, this marked the first reduction in nineteen years; during seventeen of those years, until 2023, the country consistently increased its gold holdings.

The largest national gold reserves remain concentrated in the United States with 8.1 thousand tons, followed by Germany with 3.35 thousand tons, Italy with 2.45 thousand tons, France with 2.44 thousand tons, and Russia with 2.32 thousand tons. These figures continue to shape the hierarchy of global financial security assets.

Analysts Suspect China of Quietly Building Massive Hidden Reserves

Analysts at the bank Societe Generale suggested earlier that this year’s record surge in gold prices likely stems from China’s covert purchases. They estimated that total buying could reach 250 tons by the end of 2025, with real reserves possibly exceeding five thousand tons — more than double the amount acknowledged publicly.