Central Bank Gold Buying Slows in April as Prices Hit Record Highs

Central Bank Gold Buying Slows in April as Prices Hit Record Highs – ING

Global Gold Accumulation by Central Banks Drops 12% in April

According to ING and World Gold Council data, global central banks added 12 tonnes to their gold reserves in April 2025, marking a 12% decrease from March and coming in well below the 12-month moving average of 28 tonnes. The decline is attributed to historically high gold prices, which surged to $3,500/oz in April.

Despite the Slowdown, Q1 Buying Remains Strong

In total, 244 tonnes of gold were accumulated in Q1 2025, reinforcing the long-term trend of central banks diversifying into gold amid geopolitical tensions and trade uncertainty.

🟡 "Gold is still seen as a strategic asset, especially as fiat currencies face inflation and instability," ING analysts noted.

Poland Leads Gold Buying, Surpasses ECB Reserves

Poland emerged as April’s largest buyer, adding 12 tonnes and bringing its total gold holdings to 509 tonnes, surpassing the European Central Bank’s 507 tonnes.

🏦 The National Bank of Poland has now been the top buyer both in April and year-to-date, strengthening its position as a gold-heavy reserve holder.

Gold Price Outlook: What’s Next?

Gold is up ~27% year-to-date, driven by:

• Global trade wars
• Escalating geopolitical conflicts
• Continued central bank reserve diversification

Read More: Gold Price Holds Firm Amid Rate Cut Speculation

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