Gold has evolved beyond its role as a traditional safe haven, increasingly serving as a hedge against structural shifts in the global monetary system. Since 2020, gold prices have risen by more than 230%, driven by a surge in central bank purchases that marks the largest buying wave in recent history.
As countries step up efforts to diversify sovereign reserves away from reliance on the US dollar, China, India, and several Eastern European nations have been at the forefront of this trend, reinforcing gold’s status as a neutral reserve asset.
Top gold buyers, 2020–2025
Rank
Country
Net sales (Tons)
1
China
357.1
2
Poland
314.6
3
Turkey
251.8
4
India
245.3
5
Brazil
105.1
6
Azerbaijan
83.6
7
Japan
80.8
8
Thailand
80.6
9
Hungary
78.5
10
Singapore
77.3
By contrast, some countries have reduced their gold holdings over the same period, highlighting diverging policy priorities and differing strategies as governments prepare for an increasingly uncertain global monetary environment.
Top gold sellers, 2020–2025
Rank
Country
Net Purchases (Tons)
1
Philippines
65.2
2
Kazakhstan
52.4
3
Sri Lanka
19.1
4
Germany
16.3
5
Mongolia
15.9
6
Tajikistan
11.9
7
Eurozone
10.8
8
Colombia
9.2
9
Curaçao and Sint Maarten
3.9
10
Solomon Islands
0.6
Gold has evolved beyond its role as a traditional safe haven, increasingly serving as a hedge against structural shifts in the global monetary system. Since 2020, gold prices have risen by more than 230%, driven by a surge in central bank purchases that marks the largest buying wave in recent history.
As countries step up efforts to diversify sovereign reserves away from reliance on the US dollar, China, India, and several Eastern European nations have been at the forefront of this trend, reinforcing gold’s status as a neutral reserve asset.
Top gold buyers, 2020–2025
Rank
Country
Net sales (Tons)
1
China
357.1
2
Poland
314.6
3
Turkey
251.8
4
India
245.3
5
Brazil
105.1
6
Azerbaijan
83.6
7
Japan
80.8
8
Thailand
80.6
9
Hungary
78.5
10
Singapore
77.3
By contrast, some countries have reduced their gold holdings over the same period, highlighting diverging policy priorities and differing strategies as governments prepare for an increasingly uncertain global monetary environment.
Top gold sellers, 2020–2025
Rank
Country
Net Purchases (Tons)
1
Philippines
65.2
2
Kazakhstan
52.4
3
Sri Lanka
19.1
4
Germany
16.3
5
Mongolia
15.9
6
Tajikistan
11.9
7
Eurozone
10.8
8
Colombia
9.2
9
Curaçao and Sint Maarten
3.9
10
Solomon Islands
0.6
