8 tons of gold: Uzbekistan tops global purchases in January

In January 2025, Uzbekistan emerged as the world's largest gold buyer, acquiring 8 tons of pure gold, according to the World Gold Council. This purchase increased the country's gold reserves to 391 tons, accounting for 82% of its total reserves.

China's People's Bank (PBoC) followed, adding 5 tons of gold in January, marking its third consecutive month of purchases. China's total gold reserves now stand at 2,285 tons, representing 6% of its total assets.

Kazakhstan's National Bank (NBK) also added 4 tons of gold to its reserves. During a press conference on January 17, 2025, NBK Chairman Timur Suleymenov stated that the bank is considering "monetary neutrality in gold purchases" to enhance international reserves and protect the economy from external shocks. Additionally, NBK has begun selling U.S. dollars as part of its operations related to gold purchases. Kazakhstan's gold reserves now total 288 tons, making up 55% of its overall reserves.

Other central banks that continued gold purchases in 2025 include Poland (3 tons), India (3 tons), the Czech Republic (2 tons), and Qatar (1 ton).

Meanwhile, significant gold sellers in January included the central banks of Russia and Jordan (each selling 3 tons) and Kyrgyzstan (2 tons).

It is worth noting that in November 2024, Uzbekistan's Central Bank had already increased its gold reserves by 9 tons, making it one of the largest buyers at the time. Poland led the purchases during that period, adding 21 tons to its reserves, while India, Kazakhstan, and China each acquired 5 tons. Singapore was the largest seller, offloading 5 tons of gold.