Global gold reserves saw a net increase of 15 tonnes in August, marking a return to buying by central banks after a pause in July.
Data from the IMF and respective central banks shows that monthly net purchases in August were broadly in line with the trends seen between March and June.
The rebound follows a revised July figure, which shifted from an initial estimate of +10 tonnes to zero after Bank Indonesia reported an 11-tonne sale.
The National Bank of Kazakhstan emerged as August’s largest buyer, adding eight tonnes in its sixth consecutive month of accumulation.
This brings Kazakhstan’s gold holdings to 316 tonnes, up by 32 tonnes since the end of 2024.
Other buyers in August included the Bulgarian National Bank, which increased its gold reserves by 2 tonnes to 43 tonnes — its largest monthly rise since June 1997 — ahead of joining the eurozone in January 2026.
Turkey’s central bank added two tonnes to official reserves, reaching 639 tonnes year-to-date, while the People’s Bank of China recorded its tenth consecutive monthly purchase, lifting holdings past 2,300 tonnes, equal to 7 per cent of total reserves.
The Central Bank of Uzbekistan added two tonnes, ending August with 366 tonnes despite being 17 tonnes lower than its 2024 year-end total.
The Czech National Bank bought another two tonnes, extending its buying streak to 30 months and reaching 65 tonnes, with a target of 100 tonnes by 2028.
Ghana also added two tonnes, taking its year-to-date purchases to five tonnes and total holdings to 36 tonnes.
In contrast, the Central Bank of Russia and Bank Indonesia were the only reported sellers in August, reducing holdings by three tonnes and two tonnes, respectively. Russia’s sale is likely linked to its coin-minting programme.
Meanwhile, the National Bank of Poland — already the largest purchaser year-to-date with 67 tonnes added in 2025 — announced in September that it had increased its target gold share in international reserves from 20 per cent to 30 per cent.
While purchases were paused earlier this year after meeting its previous target, the bank signalled plans to resume buying based on prevailing market conditions. Poland’s gold holdings stood at 515 tonnes at the end of August.
El Salvador’s Central Reserve Bank also reported a modest increase of 13,999 ounces (just under 0.5 tonnes) in September, bringing total holdings to slightly under two tonnes.
The bank described the acquisition as a long-term positioning strategy intended to maintain a balanced composition of assets in its international reserves.
The World Gold Council will present the full Q3 analysis of central bank gold demand in its Gold Demand Trends report, scheduled for release on 30 October 2025.