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Central banks increasingly buy gold from local mines as prices surge
By Lee Ying Shan
CNBC, New York
Tuesday, July 15, 2025
Central banks are increasingly looking to bolster their gold reserves. And they are turning to mines in their backyard to source the yellow metal.
Besides being cheaper, securing gold directly from mines helps support local industry and bolsters reserves without weighing on foreign exchange reserves, experts said.
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While countries such as the Philippines and Ecuador have been doing this for years, more central banks with access to domestic gold mines have started, increased, or are considering direct local purchases, according to the World Gold Council. ...
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