The central bank of Mexico bought more than 90 tonnes of gold between January - March, according to figures from the International Monetary Fund.
Data on the IMF website shows that Mexico now owns 100.15 tonnes of gold. At the end of January it had 6.84 tonnes.
The BBC reports that Mexico now owns $US4.93 billion worth of gold, which reached a record price of $US1575.79 per ounce on Monday.
The World Gold Council said India recently bought 200 tonnes of gold from the IMF, Russia bought 18.8 tonnes and Thailand 9.3 tonnes.
Gold is seen as a haven, attracting investors in times of uncertainty. Its price has risen 11% so far this year.
The United States is the largest official holder of gold, with 8133 tonnes.