Conclusion

17 June, 2025

This year marks the eighth edition of our annual Central Bank Gold Survey. Over that time, a clear and consistent trend has emerged: central banks increasingly view gold as an important strategic asset within their reserve portfolios. Ongoing economic and geopolitical uncertainty continues to weigh on reserve managers, as this year’s findings highlight. Concerns over the inflation outlook and potential trade conflicts, particularly amongst EMDE banks, show that diversification and risk mitigation continue to be key drivers of strategic reserve management decisions. And while there are divergences between advanced economy and EMDE central banks on some aspects, they share a common confidence in gold’s role as a reliable store of wealth and a key component of long-term reserve management strategies.

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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