Gold has been a cornerstone of central bank reserves for many years, but not all countries hold the same amount—or follow the same buying trends. In recent years, central banks have been major gold buyers, with record-breaking purchases in 2022-2024. This blog post breaks down three key insights about central bank gold reserves as of the end of 2024. 

Chart 1: Which central bank owns the most gold? 

Some central banks hold massive amounts of gold, often as a hedge against financial instability and currency risks. According to data from the World Gold Council, here are the top 10 central banks by gold holdings (tonnes): 

• United States – 8,133 
• Germany – 3,352 
• Italy – 2,452 
• France – 2,437 
• Russia – 2,336 
• China – 2,280 
• Switzerland – 1,040 
• India – 876 
• Japan – 846 
• Turkey – 615 

The United States remains the world’s largest gold holder, with more than 8,100 tonnes in reserves – far more than any other country. Germany, Italy, and France also maintain significant holdings, while Russia and China have been steadily accumulating gold in recent years.

Chart 2: Central bank net gold purchases 

Central banks have been net buyers of gold for years, but 2022-2024 saw a big uptick in demand. Their net gold purchases exceeded 1,000 tonnes per year for three consecutive years: 

• 2022: 1,080 tonnes (highest in decades) 
• 2023: 1,051 tonnes 
• 2024: 1,045 tonnes 

They may view gold as a potential hedge against inflation, currency risks, and geopolitical uncertainty – especially in emerging markets.  

Chart 3: Who bought (and sold) the most gold in 2024? 

While most central banks have added gold to their reserves, some were net sellers. 

Top gold buyers in 2024 (tonnes): 

• Poland: 89.5
• Turkey: 74.8
• India: 72.6 

Top gold sellers in 2024 (tonnes): 

• Philippines: -29.4 
• Kazakhstan: -10.2 
• Singapore: -10.1 

Countries like Poland, Turkey, and India continue to increase their gold reserves, while some central banks in Asia and emerging markets have been reducing their holdings.

 

How much gold exists today? 

According to the World Gold Council, an estimated 216,265 tonnes of gold have been mined throughout history. That’s enough gold to fill about four Olympic-size swimming pools. 

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This strategy aims to offer partial gold exposure while generating option premium income, potentially helping manage volatility in the gold market. 

Key takeaways 

• Gold remains a key asset for central banks, with the US still holding the most reserves. 
• Emerging markets continue to accumulate gold as a potential hedge against inflation and currency risks. 
• Gold-related options strategies may provide an alternative way to generate income from gold exposure.