The share of Gold in Foreign Reserves surpasses the USD

The share of Gold in Foreign Reserves surpasses the USD - Portugal Business News

Financial News World - The share of Gold in Foreign Exchange Reserves globally surpasses the USD, according to data from the ECB and from the World Gold Council. Here is the share of gold in Foreign Exchange Reserves globally, the share of gold compared to the euro and US Treasuries as a Foreign Exchange Reserve globally, the Top 10 largest purchasers of Gold in the world in 2025 and the trend for the purchase of Gold in 2026:

What is the share of gold in Foreign Reserves globally?

The share of gold in total official foreign exchange reserves – comprising both foreign exchange and gold holdings – increased to reach 27% at the end of 2025 due to rising prices of gold that boost its share in global foreign reserves.

The share of gold in Foreign Exchange Reserves globally now surpasses both that of the euro and US Treasuries, due to the surge in gold prices by around 60% in 2025. Moreover, gold purchases by central banks may also reflect efforts to strengthen their balance sheet resilience amid rising geopolitical risks. Survey data suggest that central banks hold gold not only for diversification but also as a hedge against geopolitical risk.

What is the share of gold compared to the euro and US Treasuries as a Foreign Reserve globally?

1 - The Share of Gold as a Foreign Exchange Reserve globally is 27% at the end of 2025

2 - The Share of US Treasuries as a Foreign Exchange Reserve globally is 22% at the end of 2025

3 - The Share of other USD Reserves as a Foreign Exchange Reserve globally is 20% at the end of 2025

4 - The Share of the Euro as a Foreign Exchange Reserve globally is 15% at the end of 2025

Who were the largest purchasers of Gold in 2025?

Here are the Top 10 largest purchasers of Gold in the world in 2025:

1 - Tether

Tether was the No. 1 largest purchaser of Gold in the world in 2025 with gold purchases of over 100 tonnes. Tether is the world´s largest stablecoin issuer.

2 - Poland

Poland was the 2nd largest purchaser of Gold in the world in 2025 with gold purchases of 101.98 tonnes.

The National Bank of Poland was the largest buyer of Gold in the world, both in Q4 (35t) and in 2025. Over the year 2025, the bank of Poland added a further 102t, increasing its gold reserves to 550t.

Gold now accounts for 28% of Poland´s total reserves, approaching its revised target allocation of 30%, which it increased from 20% in October.

In January 2026, Poland´s central bank Governor Adam Glapiński indicated his intention to increase gold reserves even further, to 700t, for “national security reasons”.

3 - Kasakhstan

Kasakhstan was the 3rd largest purchaser of Gold in the world in 2025 with gold purchases of 56.99 tonnes.

The National Bank of Kazakhstan increased its gold holdings by 17t in Q4 and by 57t over the year 2025, its highest level of annual buying on record back to 1993, having been permitted to buy 67t in 2025 by the Industry Ministry.

Although the central bank Kazakhstan had suspended sales of gold bought from domestic production in February, Governor Timur Suleimenov has indicated that the bank will continue to accumulate more gold. In June, the Governor of the central bank Kazakhstanalso stated that “We want to stay a net gold buyer” until global tensions ease.

4 - Brazil

Brazil was the 4th largest purchaser of Gold in the world in 2025 with gold purchases of 42.79 tonnes.

The Central Bank of Brazil re-entered the Gold market in 2025, having last bought gold in 2021. It added 43t between September and November, increasing its gold holdings to 172t. Despite this sizeable increase, gold still accounts for only 7% of Brazil´s total reserves.

5 -  State Oil Fund of Azerbaijan (SOFAZ)

Azerbaijan was the 5th largest purchaser of Gold in the world in 2025 with gold purchases of 38.20 tonnes.

The State Oil Fund of Azerbaijan (SOFAZ), that is the only sovereign wealth fund to publicly disclose its gold holdings, acquired 38t between Q1-Q3, highlighting efforts to strengthen its reserves.

6 - China

China was the 6th largest purchaser of Gold in the world in 2025 with gold purchases of over 26.75 tonnes.

The People’s Bank of China added just 3t in Q4, the lowest quarterly reported increase in gold reserves since Q1’24 (2t). This increased its full year net purchases of gold to 27t in 2025.

China´s reported gold reserves now stand at 2,306t, accounting for almost 9% of total reserves.

7 - Türkiye

Türkiye was the 7th largest purchaser of Gold in the world in 2025 with gold purchases of 26.68 tonnes.

The Central Bank of Turkey remained a steady buyer throughout 2025, despite market volatility. The bank purchased 27t in 2025 based on data to end-October, raising official central bank plus Treasury holdings to 644t of gold.

Gold reserves data for Türkiye reflect changes in official sector gold holdings, excluding gold deposited by domestic commercial banks at the central bank as part of their reserve requirements, as reported by the World Gold Council.

8 - Czech Republic

The Czech Republic was the 8th largest purchaser of Gold in the world in 2025 with gold purchases of 20.43 tonnes.

The Czech National Bank bought 20t in 2025, a similar level to the preceding three years.

The Czech Republic yotal gold reserves now stand at 72t against a stated target of 100t by 2028.

9 - Iraq

Iraq was the 9th largest purchaser of Gold in the world in 2025 with gold purchases of 11.97 tonnes.

10 - Cambodia

Cambodia was the 10th largest purchaser of Gold in the world in 2025 with gold purchases of 7.96 tonnes.

What is the trend for the purchase of Gold in 2026?

The trend for the purchase of Gold in 2026 is expect to continue as persistent economic and geopolitical uncertainty is likely to sustain demand for gold as a reserve asset, according to the World Gold Council.