The survey reveals that 43% of the participating central banks are planning to increase their gold reserves within the next year—a notable rise from 29% in the previous year. Meanwhile, 95% of respondents expect that central banks globally will up their gold reserves in the coming year, an increase from 81% last year.
Looking further ahead, 76% of survey participants foresee gold constituting a more significant part of global reserve assets in five years, compared to 69% who expressed this sentiment last year. Conversely, 73% of respondents think that the US dollar will reduce its share in global reserve assets over the same period, up from 62% last year.
Respondents cite the performance of gold in crises, its portfolio diversification benefits, and its reliability as a long-term store of value as key reasons for its appeal. The survey, drawing insights from 73 central banks around the globe, underscores the perception of gold as a safe-haven asset amid ongoing economic and geopolitical uncertainties.
Shaokai Fan, Global Head of Central Banks and Head of Asia-Pacific (excluding China), highlighted that nearly half of the surveyed central banks plan to increase their holdings within the next year. He noted this as remarkable, given the record-high gold prices observed thus far in 2025.
