While private individuals sometimes hesitate, the biggest buyers on the gold market calmly keep going: the central banks. Their steady purchases are one of the reasons the price has stayed firm in recent years. In this update we look at who is buying, why, and what it means for your gold.
Fifteen years of unbroken buying
Central banks have been net buyers of gold for fifteen years in a row. In recent years the pace picked up: in 2022, 2023 and 2024 they each bought more than 1,000 tonnes a year. In 2025 the pace was a little lower at around 863 tonnes, but still well above the historical average. This is not a passing fad, but a structural move.
Who is buying gold?
It is mainly emerging economies that are expanding their reserves. A few notable buyers in 2025:
- Poland was the largest buyer for the second year running, with about 102 tonnes. The governor of the Polish central bank wants to raise reserves towards 700 tonnes, for reasons of national security.
- Kazakhstan bought some 57 tonnes, the highest annual figure in its history.
- Brazil re-entered the market after several years and added around forty tonnes.
- Turkey and China kept buying steadily.
So this is not about one country, but a broad group choosing the same direction.
Why do they do it?
The common thread is trust, or rather the lack of it. Central banks want to depend less on the US dollar and are looking for a reserve that no one can freeze or print. Gold has that quality: it is nobody’s debt. This search for diversification, also called de-dollarisation, is a response to rising government debt, geopolitical tension and the fear of sanctions.
Why that supports the price
The world’s gold stock grows slowly: each year mining adds only a limited amount. Add a large, steady buyer that rarely sells, and that puts a firm floor under the market. Even when investors briefly step back, the central banks absorb part of that dip. That explains why the rate has stayed high lately despite the swings.
And for your gold at home?
The price central banks pay is for pure 24-carat gold per troy ounce. Your jewellery usually contains 18 or 14 carats. We start from the world rate and convert it back to the pure gold value of your pieces, per gram. That way you see in black and white how a global move translates into a concrete amount.
This structural demand mainly means that your old jewellery or coins are worth more today than a few years ago. Want to know exactly how much? A no-obligation valuation gives you clarity straight away.