Central banks maintained robust demand for gold in November 2025, though purchase volumes were slightly lower than in October. The World Gold Council confirmed this on January 6.
The council reported that regulators acquired a total of 45 tons of gold during the month. This represents a modest decline from October’s purchases while sustaining high levels of demand against the backdrop of 2025’s overall trends.
Poland and Brazil were the most active buyers, each increasing their reserves by 12 and 11 tons respectively. Uzbekistan, Kazakhstan, Kyrgyzstan, and the Czech Republic also raised their gold holdings, with Chinese and Indonesian banks adding one ton each to their purchases. The National Bank of Poland has become the largest official buyer since the start of 2025, accumulating approximately 95 tons.
Earlier this year, on December 27, 2025, it was reported that 2025 marked one of the most successful years for gold markets. Metal prices had updated historical highs over 50 times and increased by more than 60%. Prices surpassed $4,000 per troy ounce, with a gram exceeding 10,000 rubles—a first in history. Experts attributed this surge to steady demand from central banks and heightened interest in protective assets.
