Gold on the Move: Who’s Buying, Who’s Selling, and Why It Matters
Behind the recent headlines around gold prices lies a number of questions. Who is stockpiling gold? Who’s releasing it, and what does this signal for global logistics, storage demand, and market stability?
Over the past 18 months, central banks have quietly but steadily increased their gold holding, a move driven by shifting confidence in the US dollar, inflation hedging, and a desire for greater financial autonomy. Simultaneously, economic uncertainty and regional instability are prompting others to liquidate reserves, rebalance portfolios, or repatriate assets closer to home.
From the banks and governments to the vaults, here’s your guide to what’s moving and why it is important.
The historical role of gold reserves
Gold has long served as a global anchor, backing currencies, securing trust in national finances, and regulating economic stability. Central banks historically held substantial gold to strengthen their reserves alongside currencies and debt instruments. It’s a sign of monetary credibility as well as a financial asset.
That role shifted dramatically in the early 1970s, when the Bretton Woods system collapsed and the U.S. decoupled the dollar from gold. What followed was the rise of fiat currencies, underpinned by trust in national governments and their economic stewardship. In the decades since, the U.S. dollar has served as the world’s reserve currency.
Who is accumulating gold?
According to the latest data, 2025 marks the fourth consecutive year of heavy gold acquisitions by central banks. In Q1 alone, institutions added about 244 tonnes, 24% above the five-year average.
- Poland led new purchases, with 49 tonnes
- China added 13 tonnes, increasing its reserves to 2,292 tonnes (or 6.5% of total reserves)
Other recent buyers include:
- Azerbaijan (19 t)
- Czech Republic (2 t)
- Turkey (1 t)
- Qatar (3 t)
- Egypt (1 t)
The World Gold Council reports that 95% of central banks expect to increase gold holdings in the next 12 months; 43% plan on increasing their own reserves in 2025. Meanwhile, gold holdings globally rose to 36,000 tonnes last year, making it the second-largest reserve asset after the U.S. dollar.
Why the surge? Key drivers behind central bank behaviour
Three main factors are fuelling this wave of stockpiling:
Inflation & economic instability
As inflation rises and currencies weaken, central banks and investors are turning to gold for stability. Gold’s traditional role as a hedge becomes more critical with rising living costs and economic slowdowns.
In markets where local currencies are rapidly losing value, physical reserves offer a tangible wealth that remains insulated from mismanagement. As a result, gold is increasingly being viewed as a form of financial self-preservation.
Geopolitical risk & de-dollarisation
Growing concern over the weaponisation of the U.S. dollar, coupled with a shifting global power balance, is accelerating moves away from dollar-dominated reserves.
Central banks are diversifying to reduce exposure to dollar-based sanctions and political pressure, particularly in emerging economies and countries facing U.S. scrutiny. In this environment, gold is seen as neutral—free from the influence of any single government, resilient under pressure, and globally liquid.
The move toward gold accumulation is both a financial strategy and a geopolitical statement.
Weak dollar & regulatory uncertainty
Gold prices have climbed sharply in 2025, continuing a long-term upward trend driven by inflation concerns and geopolitical instability years prior, with renewed tariff measures under President Trump’s administration adding further momentum.
Looking ahead, forecasts suggest prices could average around $3,675 per ounce by Q4 2025, with a potential rise toward the $4,000 mark by mid-2026.
More gold on the move
Rising gold accumulation is placing greater pressure on global logistics. As central banks step up their purchases, transport volumes are increasing, with more bullion moving across borders by land, sea, and air. Storage demand is also growing, with existing vaults nearing capacity and new facilities facing mounting pressure.
At the same time, elevated insurance premiums and the high value-density of gold make each shipment a complex, high-stakes operation. Add to that the ongoing challenges of political risk, border disruptions, and heightened security requirements, and the need for agile planning and strong local partnerships becomes clear.
Storage, insurance, delivery
Key storage hubs such as London and Switzerland continue to expand rapidly, while domestic holdings are also on the rise — with 64% of buyers storing gold at the Bank of England and 59% increasing storage within their own borders. At the same time, global shipments are being rerouted more frequently to manage risk and meet geopolitical or compliance requirements.
Maintaining a clear chain of custody, conducting thorough export control checks, and ensuring insured, tamper-evident packaging are now non-negotiable. With our trusted partner network, real-time tracking capabilities, and secure handling protocols, we aim to support this shifting landscape.
What might change gold demand cycles?
Central banks continue to accumulate gold in response to a range of economic and geopolitical pressures. Inflation concerns, crisis preparedness, portfolio diversification, and gold’s reputation as a safe-haven asset all remain key drivers.
Rising geopolitical tensions and sanctions could further accelerate de-dollarisation trends, prompting more nations to turn to gold as a trusted reserve asset. However, uncertainty around U.S. financial policy, including debt restructuring or potential shifts in Federal Reserve autonomy, is weakening confidence in the dollar, reinforcing the appeal of gold.
While some analysts anticipate a temporary price correction, with forecasts like HSBC’s suggesting a pullback to the $3,200–$3,300 range, most agree that long-term strategic buying by central banks is set to continue.
Why it matters for global markets and logistics
Central bank reserve activity is a strong indicator of broader macroeconomic shifts, and it has direct implications for logistics. As bullion volumes rise, so does the need for responsive and secure transport solutions. Markets increasingly expect fast, dependable deliveries, placing a premium on timely execution.
Meanwhile, domestic repatriation strategies are driving up demand for regional vault capacity, with more countries opting to store gold closer to home. In this developing environment, a resilient logistics infrastructure is crucial for maintaining continuity and confidence during times of volatility.
What’s next for gold and logistics?
As central banks accumulate for geographic, economic, and political stability, demand for secure logistics, storage, and delivery will remain high. For Ava, this means staying agile, informed, and ready to scale at pace, wherever gold moves next.
Ava is your trusted guide through the shifting precious metals market. We cover six continents, with regional offices in major cities across the globe. Get in touch with your local expert to learn why Ava is the home of secure global logistics.
