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Goldman Uzbekistan leads June demand as sovereign gold buying trends upward
Global central banks added a total of 22 tonnes (707,600 ounces) of gold to official reserves in June, bringing total net purchases in the first half of 2025 to 123 tonnes (3.95 million ounces), according to the latest figures from the World Gold Council.
The June data reflects a third consecutive month of growth in official sector gold demand, as reported by the International Monetary Fund (IMF) and other public sources.
Krishan Gopaul, Senior Analyst, EMEA at the World Gold Council
Central banks reported 22t of net purchases in June via the IMF and other public data sources. Based on available data, demand saw a modest m/m increase for the third consecutive month.
The Central Bank of Uzbekistan emerged as the top buyer in June, acquiring 9 tonnes (289,400 ounces) of gold and reversing four months of net selling. Kazakhstan followed closely, purchasing 7 tonnes (225,700 ounces), while the Czech Republic, China, and Turkey each added 2 tonnes (64,300 ounces). Ghana, Qatar, the Philippines, and Kyrgyzstan also increased their holdings by one tonne (32,150 ounces) each.
On the selling side, the Monetary Authority of Singapore was the largest seller in June, offloading 6 tonnes (192,900 ounces) of gold.
For the first half of the year, Poland led all nations with a net increase of 67 tonnes (2.15 million ounces), accounting for more than half of total global central bank demand. Azerbaijan followed with 35 tonnes (1.13 million ounces), and Kazakhstan with 22 tonnes (707,600 ounces).
Despite Uzbekistan’s strong June buying, it was still among the top sellers for the half-year period, alongside Singapore and the Russian Federation.
