Report Reveals Nations’ Gold Reserves Reached a New High in April 2025

Last week, the price of gold briefly reached another all-time high, very likely due to the ongoing geopolitical tensions and the recent implementation of trading tariffs. With the price of gold showing strong potential to rise further, we look into the latest report from BestBrokers, which reveals the countries with the largest holding of the precious metal and which are buying and selling it.

The gold price surge began last year as central banks and investors looked for safe-haven assets amid a variety of geopolitical tensions and economic uncertainty. While many invested heavily in it, others took advantage of the high price and sold massive amounts, according to data analysed by the team at BestBrokers, which we will be covering below:

The team aggregated gold reserves data from the World Gold Council for each month of 2024 and the first months of 2025 and identified gold’s most significant net buyers and net sellers. With the price of gold reaching €2,895 on 2 April, they have also calculated the current value of national gold reserves.

BestBrokers discovered that as of 7 April, the United States of America has the largest gold reserves, which are currently valued at €830.6 billion (at a price of €2,895.02 per troy ounce).

With its 3,351.53 tonnes of gold, Germany is home to the largest gold reserve in Europe. Its value reached €342,254,176,319 оr roughly €4,100.55 per citizen. It means that Germany’s gold reserve is large enough to provide 40.15 grams of gold for each person in the country.

Other European countries holding significant amounts of the precious metal are Italy, with 2,451.83 tonnes (worth €250.4 billion), France, with 2,437 tonnes valued at €248.9 billion, and Russia, with 2,329.63 tonnes of gold worth €237.9 billion.

The United States has the largest national reserve of gold in the world with 8,133.46 tonnes. However, when its population is taken into account, its gold holdings rank 12th globally with 23.91 grams or 0.84 ounces of gold per citizen. It is equivalent to roughly 8 small, 0.1-ounce gold coins currently worth a total of €2,442.08.

Switzerland has the largest gold reserve per capita. The country owns 1,039.94 tonnes of gold or roughly 115.19 grams per citizen. This amount of gold is equivalent to 41 gold coins worth €11,763.27 at the time of writing.

Switzerland is followed in the list for the most gold per capita in the world by Lebanon, with 52.25 grams of gold (worth €5,335.36 per person), Italy, with 41.58 grams (€4,246.14), and Germany, with 40.15 grams (€4,100.55).

Other European countries with significant per-capita reserves of gold are Portugal (35.97 grams of gold per citizen worth €3,672.75), the Netherlands (33.94 grams, €3,465.85), and Austria (30.44 grams, €3,108.47).

Last year, the demand for gold was led by the central banks of several countries, namely Poland, which increased its gold reserves by 89.54 tonnes, Turkey (74.79 tonnes), India (72.60 tonnes), and China (44.17 tonnes). The largest net sellers of gold last year were the Philippines, which sold 29.40 tonnes, followed by Kazakhstan (10.18 tonnes), Singapore (10.08 tonnes), and Thailand (9.64 tonnes).

Several countries have also made purchases of gold in 2025, reporting the changes to their reserves as of January 2025. Last year’s largest buyers are leading the buying frenzy, with Uzbekistan topping the list after purchasing 8.1 tonnes of the precious metal in January. China acquired 5 tonnes, followed by Kazakhstan (3.8 tonnes), Poland (3.1 tonnes), India (2.8 tonnes), the Czech Republic (1.7 tonnes), and Qatar (1.3 tonnes).

Several countries also reported selling gold in January 2025. The largest amount, around 3.11 tonnes, was sold by the Russian Federation (the world’s second-largest producer of gold), followed by Jordan with 2.97 tonnes, and Kyrgyzstan with 1.92 tonnes.

The full BestBrokers report provides more information about countries’ demand for gold. It includes details about the latest changes in the official national gold reserves reported to the International Monetary Fund and the complete methodology behind their findings.