Gold · 2010—2026
Who Is Buying Gold
Which central banks are buying gold? An animated chart of the 10 biggest net buyers each year from 2010 to 2026, the biggest buyers since 2010 and what the big Western holders did. Data from the IMF.
Tonnes of net purchases · Jan–Jun 2026 · partial year
Annual snapshots. Select a year to explore how the ranking changes.
The biggest gold buyers since 2010
Adding up every year from the start of 2010 to the end of June 2026, Russia has added the most gold to its reserves (+1,634 t), ahead of China (+1,292 t) and Turkey (+614 t). Together, all the countries whose reserves grew added 6,580 tonnes.
| Rank | Country | Net purchases, 2010 to June 2026 | Biggest year | Years in the top 10 |
|---|---|---|---|---|
| 1 |  Russia | +1,634 t | 2018: +274 t | 12 |
| 2 |  China | +1,292 t | 2015: +708 t | 9 |
| 3 |  Turkey | +614 t | 2017: +188 t | 10 |
| 4 |  Poland | +530 t | 2023: +130 t | 6 |
| 5 |  India | +323 t | 2021: +77 t | 7 |
| 6 |  Kazakhstan | +298 t | 2025: +57 t | 12 |
| 7 |  Uzbekistansince January 2013 | +262 t | 2014: +57 t | 11 |
| 8 |  Iraq | +170 t | 2014: +48 t | 7 |
| 9 |  Thailand | +151 t | 2021: +90 t | 3 |
| 10 |  Brazil | +139 t | 2021: +62 t | 3 |
| 11 |  Mexico | +111 t | 2011: +99 t | 2 |
| 12 |  Hungary | +107 t | 2021: +63 t | 4 |
| 13 |  Qatar | +104 t | 2022: +35 t | 6 |
| 14 |  South Korea | +90 t | 2011: +40 t | 3 |
| 15 |  Japan | +81 t | 2021: +81 t | 1 |
Net purchases add up the change in each country's declared reserves, year after year. Uzbekistan only started reporting later, so its total starts then. Turkey's figures include gold deposited by commercial banks, and Japan's rise was a transfer within its government (see below).
Meanwhile, the big Western holders
Seven big Western holders, the United States, Germany, Italy, France, Switzerland, the Netherlands and the United Kingdom, had 18,390 tonnes of gold at the end of 2009 and 18,334 tonnes at the end of June 2026: a change of −56 t, or −0.3%. Over the same years, the 15 buyers in the ranking above added 5,904 tonnes.
| Rank | Country | Gold reserves, June 2026 | Change since 2009 | End of 2009 |
|---|---|---|---|---|
| 1 |  United States | 8,134 t | 0 t | 8,134 t |
| 2 |  Germany | 3,349 t | −57 t | 3,407 t |
| 3 |  Italy | 2,452 t | 0 t | 2,452 t |
| 4 |  France | 2,437 t | +1.6 t | 2,435 t |
| 5 |  Switzerland | 1,040 t | −0.1 t | 1,040 t |
| 6 |  Netherlands | 612 t | 0 t | 612 t |
| 7 |  United Kingdom | 310 t | 0 t | 310 t |
Questions and answers
Which country bought the most gold in 2025?
Poland, which added 102 tonnes to its reserves in 2025, ahead of Kazakhstan (+57 t) and Brazil (+43 t). Poland was also the top buyer in 2024.
Who is buying gold in 2026?
From January to June 2026, the latest month reported by all the leading buyers, Poland added the most gold (+82 t), ahead of Uzbekistan (+41 t) and China (+40 t). Over the same months, Turkey (−82 t) and Russia (−44 t) reduced their reserves.
Are Western countries buying gold?
Hardly at all. The United States, Germany, Italy, France, Switzerland, the Netherlands and the United Kingdom held 18,390 tonnes of gold at the end of 2009 and 18,334 tonnes at the end of June 2026, a change of −56 t, nearly all of it from Germany (−57 t). The United States, Italy, Switzerland, the Netherlands and the United Kingdom have not changed their reserves by even one tonne. Some members of the European Union are buying, though: Poland (+530 t since 2010), Hungary (+107 t since 2010) and Czechia (+70 t since 2010).
Is Russia still buying gold?
Not according to its own figures. Russia added 1,653 tonnes to its reserves from 2010 to 2021 and was the top buyer in 6 of those years. Since then it has reported +31 t in 2022, 0 t in 2023, 0 t in 2024, −6.2 t in 2025 and −44 t from January to June 2026. Since 2022 it has only published a rounded total, and any purchases it has not reported are not counted here.
Why do some countries jump around?
China reports its gold in steps. Its declared reserves did not change from April 2009 to May 2015, then rose by 604 tonnes in June 2015: its 708 tonnes for 2015 include gold bought earlier and declared at once. It then reported no change from October 2016 to November 2018 and from September 2019 to October 2022.
Turkey's reported reserves include gold that commercial banks deposit at the central bank, so they swing much more than its own purchases: +164 t in 2012, +160 t in 2013, −138 t in 2016, +188 t in 2017, +163 t in 2020 and +129 t in 2022. The animation shows them as reported, like every other country.
Japan's 81 tonnes in 2021 were not bought on the market: gold kept for minting coins was moved from one division of the finance ministry to another, and the World Gold Council leaves it out of its figures. It is shown because the reserves Japan reports did grow.
Which central banks have sold gold?
Sales do not appear in a ranking of buyers, but a few were large (at least 50 tonnes in a year): Turkey (−138 t in 2016, −76 t in 2018, −59 t in 2021, −60 t in 2023, −82 t in January to June 2026), Venezuela (−88 t in 2015, −86 t in 2016) and Kazakhstan (−51 t in 2022, −57 t in 2023). Turkey's figures include gold that commercial banks hold at the central bank.
How are net purchases measured?
Each figure is the change in a country's official gold reserves, as reported to the International Monetary Fund, from the end of one year to the end of the next (2026: from the end of 2025 to the end of June 2026). Rises of less than one tonne are not counted, which is why 2010 shows only 7 countries. Countries only: the IMF, the European Central Bank and the Bank for International Settlements are not ranked.
The World Gold Council puts central bank buying higher, at 863 tonnes in 2025, because it adds its own estimate of purchases that are not reported. The changes reported by the countries themselves add up to 321 tonnes that year. Figures from the International Monetary Fund.