In 2025, gold prices surged to historic highs, with spot gold exceeding $3,932 per troy ounce by early May—an 83% increase in just one year. This dramatic rise has been fueled by escalating geopolitical tensions, including conflicts in the Middle East and potential US-China military confrontations, driving central banks worldwide to strengthen their gold holdings as a safe haven.
According to a recent report by BestBrokers, based on data from the World Gold Council, global gold reserves reflect a wide spectrum of central bank strategies. Smaller economies tend to hold a larger proportion of their reserves in gold to protect against currency instability, while larger economies accumulate gold in sheer volume as part of diversified portfolios.
Top Gold Holders by Volume
United States: Remains the largest gold holder with 8,133.5 tonnes as of March 2025. This equates to approximately 286.9 billion ounces, valued at nearly $986 trillion.
Germany: Holds the second-largest reserves at 3,351.1 tonnes.
Italy and France: Follow closely behind Germany in total gold holdings.
China: Possesses 2,294.5 tonnes of gold, but gold accounts for only 6.8% of its total reserves, reflecting a strategy favoring a more diversified reserve portfolio.
Gold as a Percentage of Total Reserves
Bolivia: Tops the global ranking with gold comprising 96.5% of its total reserves, holding 22.5 tonnes. Bolivia has maintained a static gold policy, neither buying nor selling gold since 2002.
Venezuela: Holds 89.9% of its reserves in gold, indicating a high reliance on the metal despite limited transparency on recent reserve movements.
Portugal: Gold makes up 84.7% of its reserves.
United States and Germany: Gold accounts for 78.6% and 78% of their reserves, respectively.
United Kingdom: Contrasts sharply, with only 17.3% of its reserves in gold (310.3 tonnes), reflecting a preference for foreign currency and financial assets.
Regional Overview
The Euro area, including the European Central Bank, held 10,765.5 tonnes of gold as of April 2025, making up 67.1% of its total reserves. Globally, official gold holdings reached 36,274.3 tonnes, representing 22.2% of total reserve assets.
Poland was the largest European buyer of gold in the first quarter of 2025, adding 48.6 tonnes—already more than half of the 89 tonnes it acquired during all of 2024.
Summary
While the United States leads in absolute gold holdings, smaller nations like Bolivia and Venezuela maintain the highest proportions of gold relative to their total reserves. This pattern reflects differing economic circumstances and reserve management strategies, with many countries increasingly viewing gold as a critical hedge against inflation, currency volatility, and geopolitical risks.
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