(Kitco News) – Central banks increased their allocations to global gold reserves in May with the National Bank of Kazakhstan leading the pack, according to Marissa Salim, Senior Research Lead, APAC at the World Gold Council.
“Global central banks bought a net 20t in May based on reported data, close to but still below the 12-month average of 27t,” Salim wrote on Wednesday. “Fresh tensions in the Middle East may have reinforced the strategic appeal of gold for central banks looking to safeguard reserves against geopolitical shocks.”
Continued sovereign interest in gold was also highlighted in the WCG’s recent Central Bank Gold Reserves Survey 2025. “Gold remains a focus for central banks worldwide with 95% of respondents believing that official gold reserves will continue to increase, up from 81% last year,” she said. “A record 43% of central bankers also indicated that their own gold reserves would rise over the next 12 months.”
Nine central banks added one tonne or more to their gold reserves In May. “National Bank of Kazakhstan (NBK) reported adding 7t of gold to their reserves in May, lifting them to 299t,” Salim said. “Since the start of the year, NBK gold reserves have increased by 15t.”
The Central Bank of Turkey reported 6t of gold purchases this month, lifting their y-t-d gold accumulation to 15t. “National Bank of Poland also added 6t of gold to their reserves in May; the NBP remains the largest net purchaser of gold in 2025, adding 67t,” she noted.
The People’s Bank of China and the Czech National Bank both added two tonnes of gold to their reserves in May, while the National Bank of the Kyrgyz Republic, the National Bank of Cambodia, the Central Bank of the Philippines and the Bank of Ghana each added one tonne of gold.
Meanwhile, updated data for April 2025 showed that the Qatar Central Bank purchased two tonnes of gold, bringing April’s global net purchases up to 16 tonnes.
“The Monetary Authority of Singapore led sales [in May] with 5t, followed by Central Bank of the Republic of Uzbekistan and the Deutsche Bundesbank, each sold 1t of gold this month,” Salim said. “On a y-t-d basis, Uzbekistan remains the largest net seller (27t) followed by Singapore (10t)”
