Executive Summary

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.1 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.

Key highlights

  • Similar to findings from previous surveys, central banks continue to hold favourable expectations on gold. Respondents overwhelmingly (95%) believe that global central bank gold reserves will increase over the next 12 months.  
  • This year, a record 43% of respondents believe that their own gold reserves will also increase over the same period. Interestingly, none of our respondents anticipate a decline in their gold reserves.
  • Gold’s performance during times of crisis, portfolio diversification and inflation hedging are some key themes driving plans to accumulate more gold over the coming year. In addition, gold’s unique characteristics and role as a strategic asset continue to be valued by central banks: its performance in times of crisis, ability to act as a store of value, and its role as an effective diversifier, continue to be cited as key reasons for an allocation to gold.
  • The majority of respondents (73%) see moderate or significantly lower US dollar holdings within global reserves over the next five years. Respondents also believe that the share of other currencies, such as the euro and renminbi, as well as gold, will increase over the same period.
  • The survey highlighted an uptick in respondents who actively manage their gold reserves, from 37% in 2024 to 44% in 2025. While enhancing returns remained the primary reason for this, risk management leapfrogged tactical trading as the second most selected reason.
  • The Bank of England remains the most popular vaulting location for gold reserves amongst respondents (64%); a significantly higher percentage of respondents reported some domestic storage of gold reserves this year than they did last year (59% in 2025 vs 41% in 2024). Just 7% of respondents indicated that they plan to increase domestic storage of gold reserves over the next 12 months.

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Footnotes

1Historical gold demand and supply data, Goldhub

2Some survey questions were voluntary. As a result, base sizes vary across charts depending on the number of respondents for each question.

3The Central Bank Gold Reserves (CBGR) survey is conducted on the condition of anonymity. Unique, anonymised links were provided to the World Gold Council to send to their contacts within central banks around the world. Central banks that are under sanctions were not contacted.

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