FINANCE

Global Central Banks Step Up Gold Buying Despite Record Prices

Published: Dec. 4, 2025 5:58 p.m. GMT+8

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Global central banks boosted gold purchases in October despite prices hitting historic highs, marking the strongest monthly buying of this year.

Net purchases reached 53 tons, a 36% increase from September, according to World Gold Council (WGC) data released Tuesday. Net buying in the first 10 months of this year totaled 254 tons — a solid pace, though slower than the previous three years.

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Global central banks bought 53 tons of gold in October 2023, up 36% from September, with total net buying for the year at 254 tons.
Poland and Brazil led purchases, adding 16 tons each; China extended its buying streak to 12 months, with reserves at about 2,304 tons.
UBS forecasts average gold prices of $4,675/oz in 2024, with a possible peak at $4,750 as de-dollarization and strategic buying continue.

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Who’s Who

UBS: UBS, or 瑞银, is mentioned in the article as having Sharon Ding as its head of China basic materials research. Ding notes that rising private and official demand for gold has transformed it from a short-term hedge to a core allocation asset since 2022. UBS projects an average gold price of $4,675 an ounce next year, with a potential peak at $4,750.

AI generated, for reference only