Who is the strongest gold buyer in the world in 2025? Poland is far ahead, China has been making moves for 13 consecutive months.

Leading by a wide margin: 1. Poland's central bank: Accumulated purchases of gold in the first three quarters of 2025 are about 67 tons, making it the largest official gold buyer so far this year. The bank has stated its intention to continue increasing its gold holdings, with the target allocation of gold in its foreign exchange reserves increasing from 20% to 30%. 2. Kazakhstan's central bank: Accumulated purchases of gold in the first three quarters of 2025 are about 40 tons, and the bank's president has stated that the sale of gold to domestic and foreign markets has been suspended. The central bank's current gold purchase policy will continue until the geopolitical situation in the world stabilizes. 3. Azerbaijan's State Oil Fund: Accumulated purchases of gold in the first three quarters of 2025 are about 38 tons, and the fund's manager has stated plans to continue increasing gold investments this year. Key players: 1. People's Bank of China: Accumulated purchases of gold in the first three quarters of 2025 are about 24 tons, with the latest data showing an increase of 30,000 ounces in gold reserves in November, marking the 13th consecutive month of gold purchases. 2. Central Bank of Turkey: Accumulated purchases of gold in the first three quarters of 2025 are about 24 tons, with the Central Bank President stating that Turkey's underground gold value is as high as $500 billion. 3. Central Bank of Brazil: Accumulated purchases of gold in the first three quarters of 2025 are about 15 tons, with the central bank president stating that the appreciation of gold will help increase the value of Brazil's international reserves. 4. Czech National Bank: Accumulated purchases of gold in the first three quarters of 2025 are about 15 tons, with the central bank president stating a desire to increase gold reserves as part of the changes in the bank's investment portfolio in the coming years. Invisible long positions: 1. Central Bank of Cambodia: Accumulated purchases of gold in the first three quarters of 2025 are about 8 tons, with the bank president stating that they are considering storing the country's gold reserves in "a few locations." 2. Central Bank of Iraq: Accumulated purchases of gold in the first three quarters of 2025 are about 8 tons, with the bank president closely monitoring the trends in gold and currency, with diversification of risks being a part of having a certain proportion of gold reserves. 3. Bank of Ghana: Accumulated purchases of gold in the first three quarters of 2025 are about 6 tons, with earlier in the year Ghana signing an agreement with nine mining companies to directly purchase 20% of their gold production at a 1% discount off the London Bullion Market Association price. 4. Reserve Bank of India: Accumulated purchases of gold in the first three quarters of 2025 are about 4 tons, with the central bank president stating that the rise in gold prices will help increase the central bank's reserves, and they will actively work towards diversifying their gold reserves in the future.