Sovereign demand for bullion remained steady in June to wrap up a strong first half of the year, according to the latest central bank gold statistics report from the World Gold Council (WGC).

“Central banks reported 22t of net purchases in June via the IMF and other public data sources,” wrote Krishan Gopaul, senior analyst, EMEA at the World Gold Council. “Based on available data, demand saw a modest m/m increase for the third consecutive month.”

Gopaul said that central banks reported net buying of 123 tonnes in the first half of 2025, which represented a slight year-over-year decline from H1 2024. 

“The Central Bank of Uzbekistan was the largest buyer during the month, snapping a four-month selling streak,” he noted. “The National Bank of Kazakhstan was also a significant buyer, while purchases elsewhere were more modest by comparison.”

Uzbekistan purchased 9 tonnes of bullion in June, while Kazakhstan bought 7 tonnes. Other notable sovereign buyers were the Czech Republic, China, and Turkey, which each purchased 2 tonnes during the month, while Ghana, Qatar, the Philippines, and the Republic of Kyrgyzstan added one tonne apiece.

On the other side of the market, the Monetary Authority of Singapore (MAS) was the biggest seller, liquidating 6 tonnes of gold in June. 

Turning to the first half statistics, the National Bank of Poland was far and away the largest reported net buyer to date at 67 tonnes, followed by Azerbaijan with 35 tonnes and the National Bank of Kazakhstan with 22 tonnes.

The three largest sovereign sellers of gold during H1 2025 were Uzbekistan, Singapore, and the Russian Federation.