Global central banks added a net 15 tons of gold to their reserves in August, according to the World Gold Council (WGC), citing data from the International Monetary Fund and national central banks. The figure matches the monthly average recorded between March and June, indicating a return to purchasing after a brief pause in July, when reserves remained unchanged due to Indonesia’s 11-ton sale.

The WGC observed that although record-high gold prices in 2025 may have tempered some central bank activity, demand remains resilient. “The recent slowdown in buying does not necessarily signal that central banks are losing interest in gold,” the report stated. A full third-quarter review of global gold demand will be published on October 30.

Countries expanding their gold holdings in August included Kazakhstan, Uzbekistan, Turkey, China, Bulgaria, Ghana, and the Czech Republic. The National Bank of Kazakhstan led the gains with an 8-ton increase, its sixth consecutive month of accumulation, raising its reserves to 316 tons. The Central Bank of Uzbekistan added 2 tons, lifting its total to 366 tons, although this remains 17 tons below its level at the end of 2024.

Turkey and China each purchased 2 tons, bringing Turkey’s total reserves to 639 tons and China’s to over 2,300 tons. Bulgaria’s 2-ton acquisition marked its largest monthly increase since 1997, bringing its holdings to 43 tons ahead of its planned eurozone accession in January 2026. The Czech National Bank also added 2 tons, continuing an uninterrupted buying streak for the 30th consecutive month and raising its reserves to 65 tons.

Only two countries, Russia and Indonesia, reduced their holdings in August. Russia sold 3 tons, reportedly for its coin-minting program, while Indonesia offloaded 2 tons.

Uzbekistan has remained one of the most active gold purchasers globally. In January 2025, it topped the WGC’s list by acquiring 8 tons, which brought its reserves to 391 tons, representing approximately 82% of its total international reserves.