Central Bank Gold Buying Dips 21% in 2025, Falls Below 1,000 Tonnes

• Central banks' net gold purchases decreased by 21% in 2025, totaling 863 tonnes, breaking a three-year streak of buying over 1,000 tonnes.
• The World Gold Council (WGC) noted that this moderation reflects central banks' sensitivity to high gold prices, despite long-term strategic interest remaining strong.
• While central bank buying slowed, overall gold demand hit a record high, exceeding 5,000 tonnes, driven by heightened investment activity.
• Global gold ETF holdings grew by 801 tonnes, the second strongest year on record, and bar and coin buying reached a 12-year high.
• DSP's Netra report indicates a shift in the gold bull market leadership from central banks to ETFs, cautioning investors against new positions at current high prices.