Why are central banks buying gold?

Global trade wars, the use of sanctions as an economic weapon, efforts to move away from the dollar, and the risk of reserve assets being frozen are forcing countries, especially emerging economies, to diversify their reserves.

The World Gold Council's data for the first quarter of 2026 also shows that central banks continue their strategies of buying gold against geopolitical and macroeconomic risks.

So, what are the gold reserves of the world's largest economies?

Current Status of Gold Reserves

According to the latest data released by the World Gold Council, the United States ranks first in the world with 8,133 tons of gold reserves, while Germany ranks second with 3,350 tons, and Italy ranks third with 2,452 tons.

There are also new gold buyers with a strong appetite for gold reserves.

Among this group, China has increased its official gold reserves to 2,322 tons, surpassing Russia (2,299 tons), while Poland, due to heightened regional security concerns arising from the Russia-Ukraine war, has joined the ranks of gold-accumulating countries by raising its gold reserves to 596 tons.

The Share of Gold Reserves in Total Reserves

It is observed that the share of gold reserves in total reserves held by developed countries such as the US, Germany, Italy, and France is above 80 percent.

Uzbekistan stands out in this area, holding 87 percent of its total reserves in gold.

In contrast, in China and Japan, two of the world's largest economies, this ratio is 9 percent, while in India it is around 18 percent.

While developed countries strengthen their financial power with gold stocks, emerging economies continue to build an economic shield against global shocks by converting their foreign exchange reserves into gold.

Where Does Türkiye Stand in the Gold Equation?

Türkiye maintains its strong position among the top 12 countries worldwide with approximately 535 tons of official gold reserves.

With the share of gold reserves in total reserves reaching 58 percent, gold continues to be at the center of Türkiye's reserve management strategy, as is the case with other emerging economies.

Inflationary pressures, the flight from the dollar, trade wars, geopolitical risks, debt crises, and the pains of transitioning to a multipolar world order have raised expectations that gold will become the most important guarantee of financial sovereignty.