JP Morgan Chase reports that newly mined gold adds less than 2% to global above-ground gold stocks each year.
CPI inflation across OECD economies was reported at 4.2% in April 2025.
“This can only lead to one outcome,” said Dorex’s CEO, John Kochanski.
“India’s gold imports reached a record US $14.7 billion in October – nearly triple the same month last year – widening the country’s trade deficit to over US $41.6 billion,” Kochanski said.
Spot gold traded at around US $4,083.60/oz last week marking a 2.1% decline, but remaining ~59% higher year‑on‑year, reflecting strong safe-haven sentiment amid inflation and macro uncertainty.
“According to the World Gold Council (WGC), central banks added a net 1,045 tonnes of gold in 2024 – the third straight year above 1,000 t – more than double the 2010-21 annual average of ~473 t,” Kochanski continued.
“A recent WGC survey shows that 95% of central banks expect global gold reserves to grow over the next 12 months, and 43% anticipate increasing their own holdings,” he said.
In Q3 2025 alone, central banks reportedly added ~220 t of gold, up ~10 % year-on-year, reported The Economic Times.
In a further milestone, Gold overtook the Euro as the second-largest central-bank reserve asset (after the US dollar) in 2024, The Financial Times reported citing European Central Bank (ECB) data.
“The dynamics of the global gold market last week underscore a widening gap between constrained supply and inflation-driven tone in the market, and sustained central bank and sovereign demand,” said Dorex’s CEO.
“Together, these factors continue to reinforce gold’s strategic position in global markets and personal portfolios.”
| Country / Bank |
Tonnes
(added 2024)
|
|
|---|---|---|
| 1. | China – People’s Bank of China (PBoC) | ~225t |
| 2. | Poland – Narodowy Bank Polski | ~90t |
| 3. | Turkey – Central Bank of the Republic of Türkiye | ~75t |
| 4. | India – Reserve Bank of India (RBI) | ~73t |
| 5. | Kazakhstan – National Bank of Kazakhstan | ~27t |
Emerging markets account for over 45% of all official-sector buying
For further information:
John Kochanski, CEO
e johnk@dorex.com.au
m +61 (0)411 831 122
About Dorex
Dorex is an Australian specialist advisor to Australian gold producers. Focused on near-term production opportunities, including the reclamation of historic resources and tailings reprocessing, Dorex assists with capital efficiency and environmental stewardship in equal measure, by assisting to structure non-dilutive, bespoke financing solutions. Dorex enables producers to accelerate their path to revenue while meeting the highest standards of sustainability and community responsibility.
