Who’s hoarding the gold? List of the top 5 central banks that bought the most gold
Poland led global gold buying in 2024 with 90t, followed by Turkey (75t) and India (73t) as emerging-market central banks drove demand after geopolitical and economic uncertainty kept gold a preferred reserve asset. Here's the list of the top Central Banks that bought most gold in 2024.
5. State Oil Fund of Azerbaijan (SOFAZ): 25 tonnes
Azerbaijan resumed gold buying, adding 25t in the first three quarters of 2024. With gold making up 18 per cent of its portfolio, SOFAZ has become one of the most significant sovereign-level buyers outside traditional central banks.
4. People’s Bank of China (PBoC): 44 tonnes
China added 44t in 2024, raising its official holdings to 2,280t, or 5 per cent of total reserves. Purchases paused for six months but resumed late in the year, signalling continued long-term accumulation amid geopolitical uncertainty.
3. Reserve Bank of India (RBI): 73 tonnes
India bought gold every month of 2024, except December, totalling 73t, over 4× its 2023 buying. RBI’s reserves reached 876t, about 11 per cent of its total reserves. India also repatriated gold back home, highlighting growing domestic storage priorities.
2. Central Bank of Turkey (CBRT): 75 tonnes
Turkey was again a major buyer, purchasing 75t. After heavy selling in 2023, CBRT returned strongly to gold accumulation. Despite more modest monthly purchases, it remained one of the most influential players in global official-sector gold demand.
1. National Bank of Poland (NBP): 90 tonnes
Poland was the world’s largest gold buyer in 2024, adding 90t. Its reserves reached 448t, equal to 17 per cent of its international reserves. Poland’s continued push toward a 20 per cent gold allocation made it the year’s most aggressive accumulator, according to a report in the World Gold Council.
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