Central banks will continue to increase gold reserves amid geopolitical, economic uncertainty: WGC survey

This is a record high since it was first tracked in the 2019 survey and represents a 17 per cent increase from the 2024 findings.

The 2025 Central Banks Gold Reserves (CBGR) survey, which collected data from a record 73 of the world's central banks, also finds that nearly 43 per cent of central banks plan to add to their own gold reserves within the next year.

Reserve managers' favourable view of gold persists even in the face of record-high gold prices and 15 successive years of central bank gold buying.

Gold continues to be used as a safe-haven asset to help mitigate risks as ongoing economic and geopolitical uncertainty continues to weigh on reserve managers.

The top three current motivations for holding the asset have shifted to its long-term store of value (80 per cent), its role as an effective portfolio diversifier (81 per cent), and its performance in times of crisis (85 per cent).

Central banks in emerging markets and developing economies (EMDE) have once again maintained their positive outlook for gold's future share in reserve portfolios.

Notably, 28 out of 58 (48 per cent) EMDE respondents thought that their own gold reserves would increase in the next 12 months, compared to 3 out of 14 (21 per cent) of advanced economy respondents, more than last year.

Although interest rate levels remained a key component of both groups' motivators for holding gold, inflation (84 per cent) and the geopolitical situation (81 per cent) were top of mind for EMDEs, while 67 per cent and 60 per cent of advanced economy respondents felt the same.

Notably, more central banks are increasingly storing gold domestically: 59 per cent of the respondents said they have gold in domestic storage, up from 41 per cent in 2024. Additionally, most respondents (73 per cent) see moderately or significantly lower US dollar holdings within global reserves over the next five years.

However, respondents also believe that other currencies, such as the euro and renminbi, as well as gold, will increase their share over the same period.

Shaokai Fan, Global Head of Central Banks & Head of Asia-Pacific (ex-China), commented: "After eight years of conducting this survey, we have reached an important milestone: nearly half of the central bank respondents intend to increase their own gold holdings in the coming year."

"This is remarkable, especially considering how many record-high prices we've hit so far in 2025. Notably, this reflects the current global financial and geopolitical environments. Gold remains a strategic asset as the world faces uncertainty and tumult. Central banks are concerned about interest rates, inflation, and instability - all reasons to turn to gold to mitigate risk," added Shaokai Fan.

The research was conducted by the World Gold Council in partnership with YouGov between 25 February and 20 May 2025, with 73 responses from central banks around the world. This is an increase in sample size from the previous year, which had 70 responses.