Buying at historic levels
According to the World Gold Council, central banks bought 1,082 tonnes of gold in 2022, the highest level of net purchases since 1950. They followed it with 1,037 tonnes in 2023 and 1,044 tonnes in 2024. In 2025 net buying eased to 863 tonnes, which is still far above the levels seen for most of the previous decade.
| Year | Central bank net purchases |
|---|---|
| 2022 | 1,082 tonnes |
| 2023 | 1,037 tonnes |
| 2024 | 1,044 tonnes |
| 2025 | 863 tonnes |
China’s long buying streak
The People’s Bank of China has been adding to its gold reserves every month since November 2024. Figures released on 7 September 2026 showed it added around 650,000 troy ounces, roughly 20 tonnes, in August 2026, extending the run to 22 consecutive months. That took its reported holdings to about 76.7 million ounces, close to 2,387 tonnes.
Why central banks want gold
- Diversification: holding less of their reserves in any single currency, particularly the US dollar.
- No counterparty risk: gold held in a vault is not someone else’s promise to pay.
- Resilience to sanctions: physical gold held at home cannot be frozen by another country.
- Long term trust: gold has held its purchasing power over very long periods.
Why it matters to someone buying a sovereign
Central bank buying is a steady source of demand, and large, persistent buyers can help support the gold price. It is not a guarantee: central banks can slow or stop buying, as the dip in 2025 showed, and many other forces move the price. We explain those in why gold prices rise and fall.
The honest caveat
Official figures are what central banks choose to report, and some purchases are thought to go unreported. Treat headline numbers as an indication of direction rather than an exact count.
Questions people ask
How much gold did central banks buy in 2024?
1,044 tonnes, according to the World Gold Council.
How long has China been buying gold?
Every month since November 2024, reaching 22 consecutive months in August 2026.
Does central bank buying push the gold price up?
It adds demand, which can support prices, but it is one of many factors.
This article is general information, not financial, investment or tax advice. The value of precious metals can go down as well as up.
