Following a historical high level of central bank gold buying, gold continues to be viewed favourably by central banks. Our 2023 survey revealed that 24% of central banks intend to increase their holding reserves in the next 12 months. Furthermore, central banks’ views towards the future role of the US dollar were more pessimistic than in previous surveys. By contrast, their views towards gold’s future role grew more optimistic, with 62% saying that gold will have a greater share of total reserves compared to 46% last year.
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Half of central banks surveyed believe the percentage of reserves in USD in 5 years will be between 40-50%, while just over a quarter believe it will remain unchanged
CB Survey 2023: Q2a
What proportion of total reserves (foreign exchange and gold) do you think will be denominated in
US dollars 5 years from now?
Base: All central banks (57), Advanced economy (13), EMDE (44).
A majority of central banks expect a slight increase in the proportion of total reserves being denominated in gold over the next five years, with developing economies primarily driving this view
CB Survey 2023: Q2d
What proportion of total reserves (foreign exchange and gold) do you think will be denominated in
gold 5 years from now?
Base: All central banks (57), Advanced economy (13), EMDE (44).
