As gold pricessurgedmore than 230% since 2020, central banks around the world launched one of the largest gold-buying waves in modern history.
For many countries, bullion became more than just a hedge—it became a strategic reserve asset amid rising geopolitical tensions, currency volatility, and growing efforts to diversify away from the U.S. dollar.
Yet not every nation followed the same playbook:some were accumulating gold aggressively, while others were trimming reserves.
This chart,via Visual Capitalist's Niccolo Conte,ranks the countries that made the biggest net additions and the largest reductions in gold reserves over the past five years.
The data comes from theWorld Gold Council.
Together, the top 15 buyers added nearly 2,000 net tonnes of gold to their reserves over the period, underscoring a broad shift in official sector strategy.
China recorded the largest increase in gold reserves over the period, adding more than 350 tonnes. This move aligns with Beijing’s long-running push to diversify reservesaway from the U.S. dollarand reduce exposure to Western financial systems, reinforcing gold’s role as a politically neutral anchor within global reserves.
Poland followed China closely in the ranking, increasing its gold holdings by over 300 tonnes as part of a long-term push to bolster monetary security.
Türkiye and India also ranked among the top buyers. Both countries face persistent inflation pressures and currency volatility, making gold an attractive hedge within official reserves.
Beyond the largest buyers, several emerging markets made notable additions. Brazil added more than 100 tonnes, while Azerbaijan’s increase came through its sovereign wealth fund, the State Oil Fund of the Republic of Azerbaijan.
Source: ZeroHedge News
