According to the latest, Central Bank Gold Reserves Survey by World Gold Council [WGC], Central banks have accumulated over 1,000t of gold in each of the last three years, up significantly from the 400-500t average over the preceding decade.
This marked acceleration in the pace of accumulation has occurred against a backdrop of geopolitical and economic uncertainty, which has clouded the outlook for reserve managers and investors alike! Our 2025 Central Bank Gold Reserves (CBGR) survey, conducted between 25 February and 20 May, helps us shine a light on the continued importance of gold reserve management in these challenging times.
This year we set a new benchmark, drawing in 73 responses2 – the highest since our survey commenced eight years ago. The sample is highly representative of the overall central bank community, both geographically and in terms of gold owned.
And the increase in participation is not just a number; it is a powerful signal of engagement with gold amongst the central banking community. These responses add depth to our insights into and understanding of gold’s role within reserve management.
We would like to give special thanks to all the central banks who took the time to participate3 in this year’s survey. Your engagement and thoughtful contributions are incredibly valuable.
As the world becomes increasingly volatile and unpredictable, gold’s safety, liquidity and return characteristics – the three key investment objectives for central banks – have risen in importance. The trends uncovered in our survey suggest that central banks continue to recognise the benefits of an allocation to gold, and indicate that their demand for gold will likely remain healthy for the foreseeable future.
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