In March 2025, central banks worldwide continued to add gold to their reserves, with net purchases totaling 17 tonnes.
Collectively, institutions bought 35 tonnes during the month, while sales amounted to 18 tonnes, leaving a positive net increase.
Poland was the largest buyer in March, increasing its official gold reserves by 16 tonnes. Other notable purchasers included Kazakhstan and China, both of which added meaningful volumes to their holdings.
Looking at the first quarter of 2025, Poland stands out as the most active accumulator of gold, having boosted its reserves by 49 tonnes. On the other side, Uzbekistan was the most significant seller during the quarter, trimming its holdings by 15 tonnes.
These movements reflect an ongoing trend of official-sector demand for bullion, driven by a range of factors including diversification of foreign reserves and responses to global economic uncertainty. While monthly buying and selling can fluctuate, the quarterly totals show which countries are most actively changing their reserve compositions.
March’s pattern — sizable purchases offset in part by sales elsewhere — is consistent with the broader picture of central banks managing portfolios with an eye toward stability and long-term value. The prominence of Poland in both the monthly and quarterly statistics underscores its recent push to increase gold holdings, while Uzbekistan’s reductions highlight a contrasting strategy of reallocating reserves.
Overall, the first quarter of 2025 reveals continued interest in gold among official reserve managers, with net additions indicating modest accumulation despite offsetting disposals in some countries.