Will Central Banks Buy More Gold in 2026? This Is How Much Was Bought in 2025

The global trend of central bank gold purchases continued in 2025, while Sweden’s central bank once again remained on the sidelines. What does the outlook look like for 2026?

Central Bank Gold Purchases in 2025

After several years of record-high purchases, the pace of central bank gold buying eased somewhat in 2025. Despite this slowdown, total purchase volumes remained clearly above the historical average. Several analyses suggest that central banks adjusted the pace of buying rather than changing their overall strategy.

This development was driven in part by higher gold prices and periods of a more cautious stance throughout the year. At the same time, many countries continued to strengthen their gold reserves, confirming that gold is still viewed as an important component of long-term reserve management.

From a longer-term perspective, 2025 therefore does not appear to mark a shift in trend, but rather a year of consolidation following several exceptionally strong years.

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Sweden Continues to Stay Outside Gold Purchases

Unlike many other central banks, Sweden once again chose not to make any changes to its gold reserves in 2025. Sweden’s gold holdings have remained unchanged since 2009, when the Riksbank last carried out a sale.

Since then, the gold reserve has remained stable, with no purchases or sales. Looking ahead to 2026, there are no indications that this strategy will change. Sweden’s position therefore stands in clear contrast to international developments, where gold has taken on a more prominent role in many central banks’ reserves.

Why Do Central Banks Continue to Buy Gold?

Although the pace of purchases varies from year to year, there are several recurring reasons why central banks around the world continue to build or strengthen their gold reserves. These motives were clearly present in 2025 and are likely to remain relevant in 2026:

• diversification of currency reserves
• reduced reliance on individual currencies
• gold’s role as a physical asset with no counterparty risk
• increased resilience during periods of financial and geopolitical uncertainty

What Do Gold Purchases Indicate for 2026?

The fact that central bank gold purchases remained at relatively high levels in 2025 suggests that gold’s role as a reserve asset continues to be relevant. While some central banks may adjust their buying depending on price developments and economic conditions, much points to gold remaining a central component of many countries’ reserves going forward.

For the market, this means that central banks continue to represent a structural source of demand. How large the purchases will be in 2026 remains to be seen, but interest in gold as a long-term store of value appears to persist.

For those who wish to take part in gold’s role as a long-term store of value, investing in physical gold is an option. At Tavex, you can purchase gold online at www.tavex.se or visit one of our stores in Stockholm or Gothenburg, where you’ll receive personal service and access to a wide range of gold bars and gold coins.