Montenegro, similar to many other nations, has maintained its gold reserves at 38,477.694 ounces (1,197 tons), currently valued at approximately 110.6 million euros.

The Ministry of Finance for Forbes Montenegro indicated that there are no plans to purchase additional gold this year.

“The Ministry of Finance did not allocate funds for purchasing extra gold reserves in 2025, nor is this indicated in the annual budget law for 2025,” they stated.

As of yesterday, the price of one ounce of gold on the London market was 2,874.21 euros.

The 38,477.694 ounces of gold held by Montenegro were acquired through the assets of the former SFRY and FRY, under an agreement between Serbia and Montenegro concerning membership in international financial organizations and the allocation of financial rights and obligations.

According to the Ministry of Finance, from the time gold was secured in the succession process until July 2009, accounts for the Central Bank of Montenegro at the London branch of HSBC Bank served as a gold deposit. In July 2009, the gold was moved to Credit Suisse Bank, acting as collateral for Montenegro’s loan at the bank until April 2022, when the loan was entirely repaid.

In April 2022, the gold was released from Credit Suisse Bank and transferred to a bank account at the Bank for International Settlements (BIS) for further storage.

Poland Leads in Gold Purchases This Year

As reported by Forbes Serbia, the Central Bank of Poland has significantly increased its reserves this year, purchasing 67.2 tons of gold.

Azerbaijan follows, having bought 18.7 tons (as this state includes gold in its state petroleum fund), as per the new data from the World Gold Council.

China ranks third with 16.8 tons, Turkey is fourth with 14.8 tons, and Kazakhstan rounds out the top five with 14.7 tons.

In the first five months of the year, Serbia acquired 1.7 tons of gold, placing it among the top ten countries for gold purchases.

Of the 163 countries and territories whose data are published by the World Gold Council, Serbia is the only nation since 2011 to have exclusively purchased gold. Conversely, Germany is the sole country that consistently sells gold each year.

All other countries involved in gold trading have conducted transactions in both purchasing and selling directions.

Serbia’s gold acquisitions totaled 5 tons in 2020, 8.2 tons last year, and 10.2 tons in 2019, reported Forbes Serbia.

On the selling side, Uzbekistan was notably active, offloading 27.1 tons of gold, with Singapore following, selling 10.2 tons (for the entire year, they sold 10.1 tons).

In 2025, Russia reduced its gold reserves by 3.1 tons, the Philippines by 1.7 tons, with Germany selling 1.3 tons, rounding out the top five selling countries. The remaining four countries sold less than a ton in the first five months of the year.

The US Holds the Most Gold Reserves

According to the World Gold Council, the United States holds the largest gold reserves, amounting to 8,133.5 tons. Germany follows with 3,350 tons, and the International Monetary Fund (IMF), Italy, France, Russia, China, and Switzerland all have reserves below 1,000 tons.

As per the latest data from the World Gold Council, Serbia holds 49.8 tons of gold, placing it significantly ahead of any former Yugoslav countries (data for Croatia and Montenegro have not been published). North Macedonia has 6.9 tons, while Slovenia and Bosnia and Herzegovina have 3.7 and 3.5 tons, respectively.