In 2025, gold prices reached unprecedented levels, with spot gold trading above $3,932 per troy ounce as of May 7—an increase of more than 83% y/y. This surge, fuelled by mounting geopolitical tensions and global economic uncertainty, pushed the value of a standard gold bar above $1mn for the first time.

With war in the Middle East and the risk of a US–China military clash over Taiwan looming, analysts expect gold prices to remain elevated. In this context, BestBrokers examined central bank gold demand across 2024 and early 2025 using data from the World Gold Council to identify the top buyers and holders.

The report highlights a growing divergence in central bank reserve strategies: smaller economies are concentrating their reserves in gold as a hedge against currency instability, while larger economies continue to dominate in absolute volume.

“Gold prices started surging last year as both central banks and investors sought safer assets amid rising geopolitical tensions and economic uncertainty,” BestBrokers noted. The rally helped gold surpass $3,400 per ounce by June, making it the second-largest reserve asset globally, overtaking the euro.

Among countries with the highest share of gold in reserves, Bolivia tops the list. As of December 2024, it held 22.5 tonnes, equivalent to approximately 794,697 ounces—96.5% of its total reserves—valued at $2.73bn (€2.37bn). “Notably, Bolivia has neither bought nor sold gold since 2002,” the report said.

Venezuela ranks second, with 161.2 tonnes making up 89.9% of its reserves. This equates to 5.7mn ounces, valued at $19.54bn (€16.95bn). Despite limited recent disclosures, the country remains highly exposed to price fluctuations.

Portugal, with 382.7 tonnes or 13.5mn ounces, holds 84.7% of its reserves in gold—valued at $46.37bn (€40.24bn) as of April 2025. This reflects a longstanding preference for gold as a stable store of value.

In absolute terms, the US remains the dominant global holder with 8,133.5 tonnes, or 286.9mn ounces, valued at $985.6bn (€855.2bn). Gold accounts for 78.6% of total US reserves. Germany follows, holding 3,351.1 tonnes, or 118.2mn ounces, worth $406.1bn (€352.4bn)—representing 78% of its reserves.

China, despite holding 2,294.5 tonnes, holds only 6.8% of its reserves in gold. These are valued at $278bn (€241bn), reflecting a strategy that prioritises diversification across foreign exchange and other assets.

“While major economies hold large quantities of gold, smaller countries like Bolivia and Venezuela stand out for maintaining exceptionally high proportions of gold in their reserves,” said Paul Hoffman, lead data analyst at BestBrokers. “This reflects economic challenges, limited access to foreign currencies, and deliberate policies favouring tangible assets as a safeguard against inflation and currency devaluation.”

The Euro area, including the ECB, held 10,765.5 tonnes as of April, or 67.1% of its reserves. Global official gold holdings stood at 36,274.3 tonnes, comprising 22.2% of worldwide reserves. In Europe, Poland led gold purchases in Q1 2025, acquiring 48.6 tonnes, already surpassing half its 2024 total of 89 tonnes.

The UK, by contrast, holds 310.3 tonnes, or 17.3% of its reserves—valued at $37.6bn (€32.6bn). It ranks 42nd globally by gold share, underscoring a strategy focused more on financial assets and foreign currencies than on gold.