World Gold Council: More than 90% of the central banks surveyed believe that global central banks will increase their gold holdings in the next year

Central banks still favor gold.

Data from the 2025 Global Central Bank Gold Reserve Survey (CBGR) released by the World Gold Council on June 17 showed that more than 90% (95%) of the central banks surveyed believed that global central banks would continue to increase their gold holdings in the next 12 months. This proportion set a record high since the first survey on this issue in 2019, and it also rose by 17 percentage points from the survey results in 2024.

The 2025 Global Central Bank Gold Reserve Survey collected responses from 73 central banks around the world, setting a record high for the number of participating central banks in history. The survey also found that nearly 43% of central banks plan to increase their gold reserves in the next year. It is reported that even though the price of gold has hit new highs and global central banks have been net buyers of gold for 15 consecutive years, central banks still favor gold.

Economic and geopolitical uncertainties continue to exist, affecting the strategies of central banks. Gold will continue to be used as a safe-haven asset to hedge risks. The survey shows that the three main motivations for central banks to hold gold are: gold's long-term value storage function (80%), a means of effectively diversifying investment portfolios (81%), and performance in times of crisis (85%).

When it comes to the share of gold in future reserve portfolios, central banks in emerging markets and developing economies remain positive. The survey shows that 28 of the 58 central banks in emerging markets and developing economies surveyed (48%) expect their gold reserves to increase in the next 12 months, while the proportion of central banks in developed economies holding the same view is 21%, both of which are higher than the same period last year.

The survey shows that although interest rates remain the key factor affecting the motivation of the two types of central banks to hold gold, inflation (84%) and geopolitical situation (81%) have become the primary concerns of central banks in emerging markets and developing economies, compared with 67% and 60% of central banks in developed economies surveyed, respectively.

Shaokai Fan, head of global central banks and Asia Pacific (excluding China) at the World Gold Council, said: "This is a good reflection of the current global financial and geopolitical environment. In today's world full of uncertainty and turmoil, gold remains a strategic asset. Central banks around the world are paying close attention to issues such as interest rates, inflation and instability, which has prompted them to choose to increase gold reserves to hedge against risks."

The survey also showed that 73% of the central banks surveyed expected the share of the US dollar in global reserves to decline moderately or significantly in the next five years. The central banks surveyed also believed that the share of other currencies such as the euro and the renminbi, as well as gold, in global reserves will increase in the next five years.