This year’s survey extends the trend: central banks continue to view gold favourably, underscoring its enduring appeal and relevance amid a highly uncertain geopolitical and economic environment.
Our survey shows a continuation of the trend uncovered in previous years: central banks see gold making up a growing share of their reserve portfolios. 76% of respondents believe that gold will hold a (moderately or significantly) higher share of total reserves five years from now, up from 69% last year. Responses were also fairly consistent between central banks in advanced economies and EMDE (emerging markets and developing economies), with the majority anticipating that the proportion of gold held as total reserves would be moderately higher in five years.
Chart 1: What proportion of total reserves (foreign exchange and gold) do you think will be denominated in gold 5 years from now?
2025 base: all central banks (71); advanced economy (14); EMDE (57). 2024 base: all central banks (68); advanced economy (23); EMDE (45). 2023 base: all central banks (57); advanced economy (13); EMDE (44). 2022 base: all central banks (56); advanced economy (13); EMDE (43). See Note 1 for a detailed explanation of the answer options.
Respondents were less sanguine on the US dollar. While it maintains its position as the dominant global reserve currency, data from the IMF’s Currency Composition of Official Foreign Exchange Reserves (COFER) shows that its share has been on a gradual decline.1 And respondents believe that this trend will continue, with 73% expecting its share to be lower five years from now. Both advanced economy and EMDE responses were aligned in this view.
Chart 2: What proportion of total reserves (foreign exchange and gold) do you think will be denominated in US dollars 5 years from now?
2025 base: all central banks (71); advanced economy (14); EMDE (57). 2024 base: all central banks (68); advanced economy (23); EMDE (45). 2023 base: all central banks (57); advanced economy (13); EMDE (44). 2022 base: all central banks (56); advanced economy (13); EMDE (43). See Note 2 for a detailed explanation of the answer options.
When asked about their expectations for how global central bank gold reserves will change over the next 12 months, respondents were almost unanimous. A record 95% of respondents believe that official gold reserves will continue to increase, up from 81% last year. This sentiment was again consistent across both advanced economy and EMDE respondents. This finding is particularly notable given the colossal gold accumulation among central banks over recent years.
Chart 3: How do you expect global central bank gold reserves to change over the next 12 months?
2025 base: all central banks (73); advanced economy (15); EMDE (58). 2024 base: all central banks (69); advanced economy (24); EMDE (45). “Don’t know” was removed as an option from the 2023 survey onwards. Note - Totals may not sum to 100% due to rounding.
In addition, 43% of respondents also thought that their own institution’s gold reserves would rise over the next year, up from 29% in 2024 and marking a new record high.2 But here we see a divergence in responses, with EMDE banks more inclined to add gold than their advanced economy counterparts. Nearly half of EMDE respondents thought that their own gold reserves would increase in the next 12 months, notably more than advanced economy respondents.
Chart 4: How do you expect your institution's gold reserves to change over the next 12 months?
2025 base: all central banks (72); advanced economy (14); EMDE (58). 2024 base: all central banks (69); advanced economy (24); EMDE (45). “Don’t know” was removed as an option from the 2023 survey onwards. Note - Totals may not sum to 100% due to rounding.
Taken together, these findings clearly highlight that gold sentiment within the central banking community remains positive. Expectations point to continued gold buying over the next 12 months, reflecting sustained confidence in gold’s strategic role amid evolving geopolitical and macroeconomic dynamics.
While a change in the sample of respondents may partly explain this change, consolidated data provided by YouGov indicates even when an equivalent sample is considered, a markedly higher proportion of respondents believes their own institution’s gold reserves would increase over the next 12 months compared to last year.
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