Did central banks go on a gold buying spree in October?

The latest data from the World Gold Council shows that in October 2025, global central banks had net purchases of 53 tons of gold, a month-on-month surge of 36%, setting a new single-month record for the year. Poland and Brazil are leading this wave of gold buying.

What signals does this send?

Traditionally, central banks’ reserves have been mainly allocated to dollar assets. But this frenzied gold hoarding clearly reflects deep anxiety over macroeconomic uncertainty. Inflationary pressures, geopolitical tensions, concerns about the dollar’s credibility—these factors are pushing central banks to rethink their asset allocation strategies.

The shift from the dollar to gold is no accident. When the foundation of trust in fiat currency systems begins to shake, the appeal of physical assets rises. This logic actually mirrors the hedging demand seen in the cryptocurrency market—when cracks appear in the traditional financial system, capital seeks alternatives.

Fifty-three tons of gold may not be a huge number, but the trend is obvious. Central banks are voting with real money, expressing their stance on the current financial order. How long will this wave of activity last? The market is watching closely.