Gold buying by central banks up 10% in Q3

Central banks globally ramped up gold purchases in the third quarter of this calendar year, acquiring a net 220 tonnes of the yellow metal, or a 28% increase from the previous quarter, showed the World Gold Council's (WGC) latest Gold Demand Trends Q3 2025 report.

Gold purchases in the third quarter ending September 30 climbed 10% year-on-year compared with the 199.5 tonnes purchased in the same period last year. The surge comes after two consecutive quarters of slowing purchases, underscoring central banks' continued strategic interest in gold despite record-high prices.

The Reserve Bank of India (RBI), too, has purchased nearly 600 kilos of gold between April and September this year and gold as a part of reserves is at 880 tonnes as of the last week of September.

Year-to-date, central banks have added 634 tonnes to their reserves, slightly below 724 tonnes bought in the first three quarters of 2024.

Investments in digital gold such as exchange traded funds and similar products rose to 221 tonnes, up 134% on a year-on-year basis and 30% quarter-on-quarter.

The report highlights that the National Bank of Kazakhstan led Q3 purchases with 18 tonnes, followed by the Central Bank of Brazil, which resumed buying for the first time since 2021, adding 15 tonnes. The WGC notes that 66% of Q3 central bank demand remains unreported, a trend consistent since 2022.