(Kitco News) – Central banks moderated their gold purchases in July as persistently high prices likely dampened sovereign demand, but emerging markets continue to be steady buyers, according to the latest data from the World Gold Council (WGC).

“Global central banks bought net 10t in July based on reported data, a moderate net allocation compared to previous months,” Marissa Salim, the Council’s Senior Research Lead for APAC at the WGC. “Despite this slower pace of net buying, central banks continue to be net buyers of gold even in the current price range.”

“The National Bank of Kazakhstan added 3t, bringing its total y-t-d gold additions to 25t – the third largest central bank reported gold purchases so far, just behind Poland and Azerbaijan,” Salim wrote. “The Central Bank of the Republic of Turkey, People’s Bank of China and Czech National Bank each added 2t of gold.”

“The appetite for these three central banks continues, with the pace of gold accumulation incremental yet steady,” she added. “Turkey has been a net purchaser for 26 consecutive months – since June 2023 – while the Czech National Bank has bought gold for 29 consecutive months – since March 2023. The People’s Bank of China continued its gold buying for the ninth consecutive month, with purchases totalling 36t over this period.”

The National Bank of Poland is still the largest net buyer of gold in 2025, with 67 tonnes in purchases year-to-date, though it has bought hardly any bullion since May.

Salim also noted that the Bank of Uganda announced a two-to-three-year pilot program to purchase domestic gold from artisanal miners “aimed at building official reserves and reducing reliance on traditional foreign assets.” This initiative comes after the central bank’s August 2024 announcement that it would begin buying domestically produced gold.

Ernest Hoffman

Ernest Hoffman is a Crypto and Market Reporter for Kitco News. He has over 15 years of experience