Central banks remain a key support in the gold market, while silver continues to attract investor inflows and platinum enters a potential consolidation phase, according to the latest update from precious metals specialist Heraeus.
In May 2025, central banks added a net 20 tons (t) of gold to their reserves, led by Kazakhstan, Türkiye, and Poland. Kitco reported that Heraeus analyst wrote this level was "close to but still below the 12-month average of 27 t," yet reflective of resilient sentiment.
