China, Poland Lead Gold Buying Surge Since 2020
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- China added more than 350 tonnes of gold to its reserves over the past five years, the largest net increase among all countries.
- Poland added over 300 tonnes of gold, ranking second among net buyers in the same period.
- Türkiye ranked among the top buyers, adding gold as a hedge against inflation and currency volatility.
- India ranked among the top buyers, adding gold as a hedge against inflation and currency volatility.
- Brazil added more than 100 tonnes of gold to its reserves.
- Azerbaijan increased its gold holdings through its sovereign wealth fund, the State Oil Fund of the Republic of Azerbaijan.
- Philippines cut its gold reserves by more than 65 tonnes, the largest reduction among central banks.
Why it matters: The surge in gold purchases strengthens monetary security for China, Poland, Türkiye, India, Brazil and Azerbaijan, giving them a non‑USD hedge amid inflation and currency volatility, while the Philippines, Kazakhstan and Sri Lanka lose a buffer as they slash reserves to meet liquidity needs.
