The ECB was out with a report today on the international use of the euro but it contained some interesting details about who is buying gold and in what quantities.
First off, the data shows that official central bank gold purchases decreased to around 850 tonnes in 2025, down from over 1,000 tonnes annually between 2022 and 2024
The lower tonnage is likely masked by two things: 1) That prices are higher, so even buying 850 tonnes instead of 1000, the dollar amount spent was more. That’s because the average price of gold was up 43% in 2025 compared to a year earlier. In 2024, the average price was $2386/oz and $3431/oz in 2026.
Currently gold trades at $4516, up $33 today. In dollar terms, the purchases of gold in 2025 accelerated. 2) Secondly, these numbers show official buying. The elephant in the room — China — doesn’t disclose gold purchases, or at least not accurately.