- Gold Prices Surge Near $3,900 in 2025 Rally
- WGC: Central Banks Hold Over 36,000 Tonnes
- India Adds 3.8 Tonnes; PBoC Extends Buying Streak
Overview
The sharp rally in gold during calendar year 2025 (up ~48%) to around $3,896/oz has been supported by
central bank purchases, geopolitical risks, and tariff-related uncertainty.
As the World Gold Council (WGC) notes, gold is a core component of central-bank reserves for its
safety, liquidity, and return characteristics—central banks collectively hold
roughly one-fifth of all the gold ever mined.
In August 2025, U.S. holdings topped the global list, followed by Germany, the IMF, Italy, and France.
India ranks within the top ten; the table below reflects values from the WGC “Top 10 League” snapshot in your image.
Note: The table lists India at 880 tonnes (Aug 2025).
Top 10 Official Gold Holders (WGC “Top 10 League”)
| Rank | Country / Institution | Tonnes | % of Reserves | Holdings as of |
|---|---|---|---|---|
| 1 | United States | 8,133.5 | 78.7% | Aug 2025 |
| 2 | Germany | 3,350.3 | 78.6% | Aug 2025 |
| 3 | IMF | 2,814.0 | —1 | Aug 2025 |
| 4 | Italy | 2,451.8 | 75.4% | Aug 2025 |
| 5 | France | 2,437.0 | 75.9% | Aug 2025 |
| 6 | Russian Federation | 2,326.5 | 38.0% | Aug 2025 |
| 7 | China, P.R.: Mainland | 2,302.3 | 7.0% | Aug 2025 |
| 8 | Switzerland | 1,039.9 | 11.4% | Jul 2025 |
| 9 | India | 880.0 | 13.8% | Aug 2025 |
| 10 | Japan | 846.0 | 7.0% | Aug 2025 |
1 BIS and IMF balance sheets do not allow this percentage to be calculated.
Note: “% of reserves” is the share of gold in total foreign reserves. For some countries, newer data for other reserves may be unavailable.
Source: World Gold Council (values mirrored from the provided table image).
Central-Bank Activity Highlights (Aug 2025)
- Net global additions: +15 tonnes (IMF & central-bank reports).
- National Bank of Kazakhstan: +8t (sixth straight month); holdings now ~316t.
- Bulgarian National Bank: +2t to ~43t (largest monthly rise since Jun 1997).
- People’s Bank of China (PBoC): +2t (tenth straight month); holdings now past 2,300t (~7% of reserves).
Bottom Line: Persistent official-sector buying and geopolitical uncertainty continue to underpin prices.
Watch for dips driven by positioning, but central-bank demand remains a powerful medium-term support.
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