World gold price stays above 4,000 USD/ounce: China, Uzbekistan and Czech Republic continue to increase gold purchases

According to the latest data from the International Monetary Fund (IMF), despite a vibrant third quarter, central banks continued to increase purchases as the world gold price remained around the $4,000/ounce mark. This stability shows that gold still maintains its position as a strategic reserve asset amid the global economic uncertainty.

In October, the Central Bank of Poland was the largest buyer of gold, buying 16 tonnes, the first increase since May. Poland's total gold reserves now stand at 530 tonnes, accounting for 26% of the country's total reserves, approaching the target of 30%.

In addition to Poland, the People's Bank of China also maintained steady gold purchases, although the increase in October was only 1 ton, the lowest in 3 years. China's total gold reserves now stand at 2,304 tons, up 25 tons from the end of 2024. Although the increase has slowed down, the country is still one of the main drivers supporting the world gold price to remain high.

The Central Bank of the Czech Republic (CNB) bought another 2 tonnes of gold in October, bringing its total reserves to more than 69 tonnes. The CNB plans to reach 100 tonnes of gold by 2028, showing its long-term commitment to the asset class.

In addition, the Central Bank of Uzbekistan also increased its gold reserves by 9 tons in October, bringing its total holdings to 371 tons. Although it is still a net seller since the beginning of the year, the difference of only 12 tons shows that the trend reversal may come soon if the world gold price continues to stay at a high level.

According to the World Gold Council (WGC), in the third quarter of 2025, global central banks bought about 220 tons of gold, up 10% over the same period last year. Year-to-date, the total purchase volume reached 634 tons, expected to reach 750 - 900 tons by the end of the year. This figure is lower than the period 2022 - 2024, but still strong enough to support the world gold price to remain stable around the peak.

Analysts say the 50% increase in world gold prices in 2025 is one reason for the slowdown in gold purchases, as central banks do not need to buy too much more to reach the desired reserve ratio.

Matthew Piggott, Director of Gold and Silver at Metals Focus, believes that the trend of central banks buying gold will not stop. He said that economic instability and the need to diversify reserve assets will continue to promote buying activities, helping the world gold price to remain high in the coming time.

According to Piggott, with the global economy still facing many risks and inflation not cooling down, gold will continue to be a “safe haven” for national cash flow. Therefore, the world gold price is forecast to remain above the threshold of 4,000 USD/ounce and may go further if supporting factors continue to converge.

Major financial institutions remain optimistic about the outlook for gold prices next year. UBS forecasts that gold prices could recover to $4,700 an ounce by the end of the first quarter of 2026. Goldman Sachs has made an even bolder prediction, predicting that gold prices will reach $4,900 an ounce by the end of 2026, thanks to stable investment demand and central bank reserves.

Domestic gold prices on November 9 continued to maintain an upward trend following the international market, with common trading levels ranging from 146 to 149 million VND/tael. In the context of world gold prices surpassing the threshold of 4,000 USD/ounce, investors expect domestic gold prices to soon reach 150 million VND/tael if the upward trend is maintained in the coming sessions.