Central Bank Gold Reserves by Country (2026)

Which Countries Hold the Most Gold?

Central banks collectively hold approximately 36,500 tonnes of gold, roughly 17% of all gold ever mined. These reserves are concentrated: the top 10 holders account for over 70% of all official gold, and the United States alone holds more than 8,000 tonnes, nearly a quarter of the global total.

The World Gold Council (WGC) publishes the most widely cited data on official gold reserves, compiled from IMF International Financial Statistics and direct central bank disclosures. As of early 2026, the rankings stand as follows.

Top 20 Central Bank Gold Holders

1. United States: 8,133.5 tonnes. Held primarily at Fort Knox, the Federal Reserve Bank of New York, and the U.S. Mint facilities at Denver and West Point. Gold represents approximately 70% of total U.S. foreign reserves. The U.S. has not bought or sold gold in meaningful quantities since the 1970s.

2. Germany: 3,352.6 tonnes. The Bundesbank repatriated approximately 674 tonnes from New York and Paris between 2013 and 2017. Gold now represents roughly 68% of German reserves. About half is stored domestically in Frankfurt, with the remainder split between the Bank of England and the Federal Reserve Bank of New York.

3. Italy: 2,451.8 tonnes. Managed by the Banca d’Italia. Gold represents approximately 65% of total reserves. Italy’s gold has been a point of political debate, with some Italian politicians suggesting sales to fund fiscal spending. The European Central Bank’s agreement on gold sales has historically prevented such moves.

4. France: 2,436.8 tonnes. Held by the Banque de France. Gold accounts for roughly 60% of total reserves. France has been a net seller in the past (under the Central Bank Gold Agreements) but has not conducted significant sales since 2009.

5. Russia: 2,336.2 tonnes. The Bank of Russia aggressively accumulated gold from 2006 through 2022, purchasing approximately 1,900 tonnes over that period. Russia accelerated buying after Western sanctions in 2014 and again after 2022, using gold as a sanctions-resistant reserve asset. Gold now represents roughly 25% of Russian reserves.

6. China: 2,280 tonnes (reported). The People’s Bank of China (PBOC) officially reports approximately 2,280 tonnes, but many analysts believe actual holdings are significantly higher, potentially 4,000 to 5,000 tonnes. China has a pattern of reporting gold purchases in large, delayed batches. Between November 2022 and late 2025, the PBOC added over 300 tonnes to its reported reserves.

7. Switzerland: 1,040.0 tonnes. The Swiss National Bank holds gold equal to roughly 5% of total reserves. Switzerland sold approximately 1,550 tonnes between 2000 and 2008 under the Central Bank Gold Agreements. A 2014 referendum to require the SNB to hold 20% of reserves in gold was rejected by Swiss voters.

8. Japan: 846.0 tonnes. The Bank of Japan’s gold holdings have been stable for decades. Gold represents only about 4% of Japan’s massive foreign reserves, one of the lowest ratios among developed nations.

9. India: 876.2 tonnes. The Reserve Bank of India has been one of the most active buyers since 2017, adding approximately 250 tonnes over the past five years. India purchased 200 tonnes from the IMF in 2009 in a single transaction that signaled emerging-market appetite for gold reserves.

10. Netherlands: 612.5 tonnes. De Nederlandsche Bank repatriated 122.5 tonnes from New York in 2014. Gold represents approximately 55% of Dutch reserves.

11. Turkey: 595.3 tonnes. The Central Bank of the Republic of Turkey has been a volatile holder, with reserves fluctuating significantly due to Turkey’s unique system that allows commercial banks to hold a portion of required reserves in gold. Net of commercial bank deposits, the CBRT’s own holdings have grown substantially since 2017.

12. Poland: 448.2 tonnes. Narodowy Bank Polski has been one of the most aggressive European buyers, adding roughly 200 tonnes since 2018. In 2023 and 2024, Poland purchased approximately 130 tonnes combined, the largest additions by any European central bank.

13. Uzbekistan: 382.4 tonnes. A significant holder relative to GDP, reflecting the country’s domestic gold mining output.

14. Kazakhstan: 355.1 tonnes. Like Uzbekistan, Kazakhstan’s reserves are supported by domestic mine production.

15. Portugal: 382.6 tonnes. High relative to the country’s economic size, a legacy of historical accumulation.

16. United Kingdom: 310.3 tonnes. Held at the Bank of England. The UK infamously sold approximately 395 tonnes between 1999 and 2002 at prices between $256 and $296 per ounce, a decision now referred to as “Brown’s Bottom” after then-Chancellor Gordon Brown. At current prices near $4,800, those sales represent a foregone value exceeding $55 billion.

17. Saudi Arabia: 323.1 tonnes. The Saudi Arabian Monetary Authority has been quietly accumulating gold, though reporting has been sporadic.

18. Lebanon: 286.8 tonnes. Remarkably high for a country of Lebanon’s size and economic situation, these reserves date to Lebanon’s pre-civil-war era as a regional financial center.

19. Spain: 281.6 tonnes. Held by the Banco de Espana, essentially unchanged for over a decade.

20. Austria: 280.0 tonnes. The Oesterreichische Nationalbank repatriated portions of its gold from London in recent years.

Why Are Central Banks Buying at Record Pace?

Central bank gold purchases exceeded 1,000 tonnes for the third consecutive year in 2025. According to WGC data, official sector purchases totaled 1,037 tonnes in 2023, approximately 1,045 tonnes in 2024, and an estimated 1,050 tonnes in 2025. Before 2022, annual purchases had not exceeded 650 tonnes in the modern era.

This acceleration reflects several converging motivations.

De-dollarization and Sanctions Risk

The freezing of approximately $300 billion in Russian central bank reserves by Western nations in 2022 sent a clear signal to every non-aligned central bank: dollar-denominated reserves can be weaponized. Gold, held in domestic vaults, cannot be frozen, seized, or sanctioned by any foreign government.

China, which holds over $3 trillion in foreign reserves (predominantly U.S. Treasuries), has been steadily reducing its Treasury holdings while increasing gold. This is not about abandoning the dollar entirely; it is about diversifying away from concentrated exposure to any single counterparty. For a deeper look at how this fits into the broader macro picture, see our analysis of gold versus the S&P 500.

Inflation and Fiscal Concerns

Central banks that lived through the post-COVID inflation spike have renewed appreciation for gold as a reserve asset that cannot be debased through money printing. When central banks themselves are creating inflation through monetary policy, holding an asset that is no one’s liability provides a hedge against the consequences of their own actions.

Global government debt levels have reached approximately $100 trillion, up from $70 trillion in 2019. Debt-to-GDP ratios in the U.S. (roughly 125%), Japan (over 250%), and the eurozone (roughly 90%) are at or near historical peaks. Gold provides reserve diversification against fiscal scenarios that could impair the value of sovereign bonds.

Reserve Portfolio Optimization

Many emerging-market central banks hold gold at 5 to 10% of total reserves, well below the 60 to 70% ratios of the U.S. and major European holders. Academic research and WGC analysis suggest that a 10 to 15% gold allocation improves risk-adjusted returns for reserve portfolios. Central banks in India, Poland, China, and elsewhere are simply moving toward a more optimal allocation.

Geopolitical Uncertainty

Central bank gold buying tends to increase during periods of elevated geopolitical tension. The combination of the Russia-Ukraine conflict, U.S.-China competition, and regional instability in the Middle East has created an environment where reserve managers prioritize assets that function outside the existing geopolitical framework. Gold is the only reserve asset that is not simultaneously another country’s liability.

Who Are the Biggest Recent Buyers?

China

The PBOC added over 300 tonnes to reported reserves between November 2022 and the end of 2025. The actual figure may be higher. China’s State Administration of Foreign Exchange (SAFE) also manages gold holdings that may not appear in PBOC reports. China’s buying pattern suggests a strategic, long-term accumulation program that is relatively price-insensitive.

Poland

Poland’s Narodowy Bank Polski purchased approximately 130 tonnes in 2023 and 2024 combined, making it the largest European buyer by a significant margin. NBP President Adam Glapi has publicly stated a goal of holding 20% of reserves in gold, which would require continued purchases.

India

The Reserve Bank of India added roughly 75 tonnes in 2024, accelerating a buying trend that began after the 2009 IMF purchase. India’s gold reserves have grown from approximately 560 tonnes in 2017 to over 876 tonnes, reflecting a strategic shift toward greater gold allocation.

Turkey

Turkey’s central bank has been both a buyer and seller in recent years, complicating the picture. Net of commercial bank gold deposits, the CBRT has been a net accumulator. Turkey’s gold strategy is partly driven by domestic demand dynamics: Turkey has one of the world’s most active retail gold markets, and the central bank’s gold operations serve both reserve management and domestic market functions.

Czech Republic

The Czech National Bank, under Governor Ales Michl, has outlined a plan to increase gold reserves to 100 tonnes from approximately 40 tonnes. This represents one of the more explicit public commitments to gold accumulation by a European central bank.

What Does Central Bank Buying Mean for Gold Prices?

Central bank purchases of 1,000+ tonnes annually represent approximately 20% of total annual gold mine production (roughly 3,600 tonnes). This is demand that is largely price-insensitive: central banks buy for strategic reserve diversification, not for trading profit. They tend to buy consistently across price levels and rarely sell.

This structural demand floor has fundamentally changed the gold market’s supply-demand dynamics. Before 2010, central banks were net sellers of gold, with European banks liquidating reserves under coordinated sales agreements. The shift from net selling to net buying, a swing of roughly 1,500 tonnes annually, is one of the primary drivers of gold’s move from $1,200 in 2018 to above $5,500 at the January 2026 peak.

The gold price history shows that every sustained bull market in gold has coincided with a shift in official sector behavior. The current cycle, driven by de-dollarization, sanctions risk, and fiscal concerns, carried gold from $1,200 in 2018 to a January 2026 all-time high near $5,580, with consolidation into the $4,700 to $4,900 range thereafter. If anything, the trend is accelerating as more central banks join the buying program.

For investors considering how gold fits into a personal portfolio, the central bank buying trend provides a structural demand floor that reduces downside risk. See our gold investing guide for practical allocation guidance.

How Does This Affect the Average Investor?

Central bank buying matters for individual gold investors in three ways.

First, it provides a price floor. Sustained buying of 1,000+ tonnes annually absorbs a significant portion of mine supply, reducing the amount available for private investment. This structural demand supports prices even during periods of weak retail or ETF demand.

Second, it validates gold’s monetary role. When the world’s most sophisticated reserve managers are increasing gold allocations, it undermines the argument that gold is a “barbarous relic” with no modern financial function. Central banks are not sentimental; they buy gold because quantitative analysis shows it improves reserve portfolio outcomes.

Third, it signals concerns about the existing monetary system. Central banks do not buy gold because they expect the dollar to collapse. They buy it because they want optionality in case the dollar’s dominant reserve status gradually erodes. For individuals with concentrated exposure to dollar-denominated assets (U.S. stocks, bonds, and cash), a gold allocation provides similar optionality.

Frequently Asked Questions

Why does the U.S. hold so much gold?

The U.S. accumulated the majority of its gold during and after World War II, when the Bretton Woods system established the dollar as the world’s reserve currency, backed by gold at $35 per ounce. Allied nations paid for war materials in gold, and post-war economic dominance attracted further gold inflows. When Nixon ended dollar-gold convertibility in 1971, the U.S. retained its gold rather than selling.

Is China’s actual gold reserve higher than reported?

Many analysts believe so. China has historically reported gold purchases in large, delayed batches. The PBOC did not update its gold reserve figure between 2009 and 2015, then announced an addition of 604 tonnes in a single disclosure. Estimates of unreported Chinese gold range from 1,000 to 3,000 tonnes above official figures, though these are inherently speculative.

Could central banks start selling gold again?

It is possible but unlikely in the current environment. European central banks sold gold under coordinated agreements from 1999 to 2019, but those agreements have expired and sales have essentially stopped. The geopolitical and fiscal motivations driving current buying are structural and unlikely to reverse quickly. A major global de-escalation, combined with fiscal consolidation and renewed confidence in the dollar, could slow buying, but a return to net selling would require a fundamental shift in the international order.

Do central bank gold purchases affect the price I pay for coins?

Indirectly, yes. Central banks buy large bars (typically 400-ounce London Good Delivery bars), not retail coins. But their purchases reduce the overall supply available to the market, supporting higher spot prices that flow through to retail products. The premium you pay above spot for coins and smaller bars is determined by separate retail market dynamics.

Which central banks might buy next?

Countries with large foreign reserves but low gold allocations are the most likely future buyers. Japan (846 tonnes, roughly 4% of reserves), South Korea (104 tonnes, roughly 2%), Brazil (129 tonnes, roughly 2%), and Indonesia (79 tonnes, under 4%) all have room to increase gold holdings toward the 10 to 15% range that research supports as optimal.