Global central bank gold reserves survey 2025: Over 90% of central banks surveyed expect global official gold reserves to continue growing.

The World Gold Council released the "2025 Global Central Bank Gold Reserve Survey" (CBGR) data on June 17th, showing that over 95% of the surveyed central banks believe that global central banks will continue to increase their gold reserves in the next 12 months. This proportion is the highest record since the first survey on this issue was conducted in 2019, and it has increased by 17 percentage points compared to the 2024 survey results. According to reports, the "2025 Global Central Bank Gold Reserve Survey" (CBGR) received responses from 73 central banks worldwide, setting a new record for the highest number of participating central banks in a year. The survey also found that nearly 43% of central banks plan to increase their gold reserves in the next year. Despite the repeated record highs in gold prices and central banks worldwide continuing to net buy gold for 15 consecutive years, central banks still favor gold. Economic and geopolitical uncertainties continue to exist and affect central bank strategies, so gold will continue to serve as a hedge against risk. The three main motivations for central bank gold holdings have now shifted to: long-term value storage function of gold (80%), effective means of portfolio diversification (81%), and performance during crises (85%). When it comes to the share of gold in future reserve portfolios, central banks in emerging markets and developing economies (EMDEs) are optimistic. Notably, among the 58 surveyed EMDE central banks, 28 (48%) expect their gold reserves to increase in the next 12 months, while the proportion of developed economy central banks holding the same view is 21% (3 out of the 14 surveyed developed economy central banks), higher than last year. While interest rates remain a key factor influencing the motives of central banks holding gold in both categories, inflation (84%) and geopolitical situations (81%) are the primary concerns for EMDE central banks, with 67% and 60% of surveyed developed economy central banks holding similar views. It is worth noting that more and more central banks are choosing to store their gold reserves domestically: 59% of surveyed central banks indicated that their gold reserves are stored domestically, higher than 41% in 2024. Additionally, 73% of surveyed central banks expect the share of the US dollar in global reserves to moderately or significantly decrease in the next five years, a significant increase from 62% in 2024. Central banks surveyed also believe that the share of other currencies such as the euro, yuan, and gold in global reserves will increase in the next five years. Shaokai Fan, Head of Global Central Banks & Asia-Pacific (excluding China) at the World Gold Council, said: "After eight years of our central bank gold reserve survey, we have finally reached a crucial milestone: nearly half of the surveyed central banks plan to increase their gold reserves in the next year. Considering the fact that gold prices have hit new highs over 20 times in 2025, such a trend of central banks buying gold is even more remarkable. This reflects the current characteristics of the global financial and geopolitical environment. In today's world full of uncertainty and turmoil, gold is still a strategic asset. Issues such as interest rates, inflation, and instability are causing concerns for central banks worldwide, which are the reasons prompting them to choose to increase their gold reserves to hedge against risks."