According to the latest data from the World Gold Council (WGC), the State Oil Fund of the Republic of Azerbaijan (SOFAZ) purchased an additional 16 tons of gold in the second quarter of 2025.

This purchase brings SOFAZ's total net gold purchases in the first half of the year to 35 tonnes. The fund currently holds 181 tonnes of gold, accounting for nearly 29% of its total portfolio, reaching the maximum allowed for precious metals under SOFAZ's investment policy.

SOFAZ has been extremely active in the gold market, with purchases outpacing most other central banks so far this year, said Krishan Gopaul, senior analyst for EMEA at the WGC.

Only Poland was the only country to buy more, with net purchases of 67.2 tonnes as of May 2025.

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Central banks race to buy gold. Photo: Kitco

Meanwhile, the People's Bank of China (PBOC), despite actively buying gold for nine consecutive months, the total gold purchase volume of the People's Bank of China only reached 16.9 tons as of May 2025, a modest figure compared to SOFAZ.

As of the end of June 2025, China's total official gold holdings were approximately 2,299 tonnes.

Other notable gold buyers in the first half of the year included the Central Bank of the Republic of Türkiye with 14.9 tonnes, Kazakhstan increasing its reserves by 14.7 tonnes, the Central Bank of the Czech Republic buying 9.2 tonnes and the Reserve Bank of India adding 3.42 tonnes.

According to analysts, the continuous buying activities of central banks create a solid foundation for gold prices, reinforcing the strategic role of this metal in the context of macroeconomic instability. The high demand has kept gold prices above $3,000/ounce, and the trend of gold accumulation is expected to continue strongly.

Recent surveys also support this outlook. The WGC’s annual Central Bank Gold Survey, released in June 2025, found that 95% of respondents expected global gold reserves to increase over the next 12 months.

Notably, 43% of central bank reserve managers plan to increase their official gold holdings this year, up significantly from 29% last year.

Another survey by the Official Monetary and Financial Institutions Forum (OMFIF) in June also showed that 32% of central banks plan to increase their gold holdings in the next 12 to 24 months, the highest in the past five years.

Analysts predict central banks will buy an additional 1,000 tonnes of gold this year, a figure that has remained steady for the past three years.

Experts say the global gold hoarding race is still going strong, with many countries and large funds ready to join in to strengthen their financial positions.

As of now and according to the most recent publicly available data from sources such as the International Monetary Fund (IMF) and the World Gold Council (WGC), the United States remains the country with the largest central bank holdings of gold in the world.

The United States' gold reserves remain at a high level, at around 8,133.46 tonnes. This is almost equal to the combined gold holdings of the next three countries: Germany, Italy and France.

Despite strong gold buying trends from other central banks, especially emerging markets like China, Poland or Türkiye in recent years, the US gold reserves remain at the top.

Source: https://vietnamnet.vn/cuoc-dua-tich-tru-vang-ai-se-gom-1-000-tan-vang-2425836.html