Serbia has raised its gold reserves to more than 50 tonnes, the highest level since the era of the former Socialist Federal Republic of Yugoslavia (SFRY), as central banks around the world increasingly turn to gold as a hedge against geopolitical and economic uncertainty.

The National Bank of Serbia (NBS) told Serbian daily Danas that it held 50.05 tonnes of gold as of June 16, 2025, with a market value of approximately €4.7bn. The precious metal now accounts for 17.2% of Serbia's total foreign exchange reserves, reflecting a significant increase from the end of 2012 when gold made up a much smaller portion.

“The amount of gold in foreign exchange reserves is more than three times higher than at the end of 2012, and nearly eight times higher in terms of market value,” the NBS said in a statement. Back then, Serbia’s gold holdings were valued at just €600mn.

Serbia has been among the most active gold buyers in Europe in recent years. In 2024, the central bank added 3.2 tonnes to its reserves, and it has purchased more than 2.3 tonnes since the start of 2025.

The NBS acquires most of its gold domestically from Serbia Zijin Copper, formerly the RTB Bor mining complex, which is operated by China’s Zijin Mining Group. The central bank noted that all gold bars purchased from Zijin meet the London Good Delivery (LGD) standard.

"During 2024, the NBS bought a record 3.2 tonnes of gold from Zijin Copper, and so far in 2025, about 1.9 tonnes,” it said, citing an agreement obliging the company to offer its gold bars first to the Serbian central bank. Since Zijin took over operations in 2018, the NBS has bought a total of 12.6 tonnes from the miner.

Following upgrades to the Bor smelter in August 2023, gold bar production has doubled to an average of 300 kilograms per month, or about 23 bars. The NBS expects additional domestic suppliers, such as Zijin Mining's Čukaru Peki mine, to follow suit in offering gold to the central bank.

Globally, central banks have been increasing their gold holdings amid inflation concerns, rising interest rates and geopolitical tensions. According to the European Central Bank, gold now comprises 20% of global foreign exchange reserves. While the US dollar remains dominant at 46%, gold’s appeal has strengthened in times of crisis.

The United States holds the largest gold reserves at 8,133 tonnes, followed by Germany, Italy, France, Russia and China. Among recent buyers, Poland led central bank acquisitions in 2024 with 89.5 tonnes, followed by Turkey and India.

The rising price of gold has further fuelled buying. Since US President Donald Trump's inauguration on January 20, 2025, market volatility and tariff war fears have driven gold prices up 25%, while the S&P 500 index has declined by 7%.

For Serbia, gold has become a core pillar of its foreign exchange strategy. As global financial conditions remain uncertain, Belgrade’s continued accumulation of bullion underscores its desire for a more resilient reserve portfolio.