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macro

Central Bank Gold Holdings: Who Owns the Most & Why It Matters

The top central-bank gold reserves, monthly net purchases, and how official-sector demand has become the dominant structural driver since 2022.

6 min read · Last reviewed 6/23/2026

Central Bank Gold Holdings

Central banks hold ~36,000 tonnes — ~17% of all gold ever mined — and have bought >1,000 tonnes/year since 2022.

Top 10 holders (tonnes)

USA 8133; Germany 3352; Italy 2452; France 2437; Russia 2336; China (PBoC) 2280; Switzerland 1040; Japan 846; India 854; Netherlands 612.

Why they''re buying

De-dollarisation after 2022 sanctions; diversification (EM CBs typically <5% in gold); no counterparty.

Active buyers

PBoC, RBI, NBP (Poland), CBRT (Turkey), Uzbekistan dominate monthly purchases per IMF IFS.

Price impact

Official-sector demand has put a floor under gold by absorbing supply ETF outflows used to clear. Track IMF IFS monthly and WGC Gold Demand Trends quarterly.

Frequently asked

Why are central banks buying gold?
To diversify away from USD reserves, hedge sanctions risk and hold an asset with no counterparty. Buying has exceeded 1,000 tonnes/year since 2022.
Which country has the most gold?
The United States, with 8,133 tonnes — over twice Germany's holdings.