Kazakhstan Leads Central Bank Gold Purchases in May

Central banks worldwide increased their gold reserves by a net 20 tonnes in May, according to newly released data from the World Gold Council. While this figure marks a slight rise from April, it remains below the 12-month average of 27 tonnes, reflecting a more measured pace of accumulation.

The National Bank of Kazakhstan led global purchases in May, adding 7 tonnes of gold to its reserves, bringing its total holdings to 299 tonnes. Since the start of 2025, Kazakhstan has expanded its gold reserves by 15 tonnes.

Turkey and Poland followed closely, each acquiring 6 tonnes. Notably, the National Bank of Poland remains the largest net purchaser so far in 2025, with 67 tonnes added this year. Other notable buyers in May included the People’s Bank of China and the Czech National Bank, both of which increased their reserves by 2 tonnes. Central banks from the Kyrgyz Republic, Cambodia, the Philippines and Ghana each added 1 tonne.

Meanwhile, the Monetary Authority of Singapore recorded the largest sale for the month, offloading 5 tonnes. The central banks of Uzbekistan and Germany each sold 1 tonne. On a year-to-date basis, Uzbekistan remains the largest net seller, having reduced its gold reserves by 27 tonnes, followed by Singapore with 10 tonnes.

Central Bankers Signal Continued Commitment to Gold

The recently published Central Bank Gold Reserves Survey 2025 by the World Gold Council reflects a continued shift toward gold among monetary authorities. A record 73 central banks participated in the survey, underscoring sustained institutional interest in gold as a strategic reserve asset.

According to the findings:

• 95% of central banks surveyed believe global gold reserves will increase over the next year, up from 81% in 2024.
• A record 43% expect to raise their own gold holdings, with emerging and developing economies showing greater intent than advanced markets.
• Over the past three years, annual central bank gold purchases have consistently exceeded 1,000 tonnes, a significant rise compared to the 400–500 tonnes recorded annually during the previous decade.

Gold Gains Importance Amid Geopolitical Shifts

Central banks are increasingly viewing gold as a hedge against inflation and geopolitical instability. Recent tensions in the Middle East may have reinforced its perceived role as a strategic safeguard for national reserves. The shift is also reflected in longer-term reserve planning:

• 76% of central banks anticipate gold will account for a larger share of their reserves within five years.
• 73% expect the share of U.S. dollar holdings to decline over the same period.

Additionally, 44% of central banks now report actively managing their gold portfolios separately, up from 37% in 2024.

Kursiv also reports that the World Bank has appointed Najy Benhassine as its new Regional Director for Central Asia.