Uzbekistan was the only country in the world to report net gold sales in September 2025, according to data from the World Gold Council. While most central banks increased their gold reserves, the Central Bank of Uzbekistan reduced its holdings, standing out among its global peers.
Based on International Monetary Fund and other publicly available data, global central banks collectively added approximately 39 tons of gold in September, marking a 79% increase over August and the highest monthly total in 2025 to date. Year-to-date, central banks have purchased around 200 tons, slightly below the 215 tons recorded during the same period in 2024.
The largest buyer in September was the Central Bank of Brazil, which acquired 15 tons. Other significant purchasers included the National Bank of Kazakhstan and the Bank of Guatemala, while acquisitions by other countries were relatively modest.
In the third quarter of 2025, global net purchases reached approximately 220 tons, up 28% from the previous quarter and 6% above the five-year quarterly average. This reflects a sustained interest in gold as a strategic reserve asset amid global economic uncertainty.
Year-to-date, Poland’s central bank has been the largest net buyer, accumulating 67 tons. Kazakhstan follows with 40 tons, while Azerbaijan’s State Oil Fund (SOFAZ) has added 38 tons. The World Gold Council emphasized that, in contrast to this trend, Uzbekistan was the only country to decrease its official gold holdings during September.
