Survey respondents continued to rank economic and geopolitical factors highly in influencing their reserve management decisions. Perhaps unsurprisingly, gold’s role as a long-term store of value, its performance during times of crisis, and its diversification properties are key reasons why central banks hold gold.
Respondents were asked which topics were relevant to their reserve management decisions; 93% indicated “interest rate levels” – on a par with last year’s survey. Other factors that respondents considered relevant include “inflation concerns” and “geopolitical instability”.
While central banks from both EMDE and advanced economies were aligned on their concern over interest rate levels, there was divergence around inflation concerns and geopolitical instability. A higher percentage of EMDE respondents believe that inflation (84%) and the geopolitical situation (81%) remains top of mind; while among advanced economy respondents these figures were 67% and 60% respectively. While 59% of total respondents indicated that “potential trade conflicts/tariffs” are relevant to their reserve management decisions, a larger percentage of these came from EMDE respondents (69%) than advanced economy respondents (40%).
Chart 5: Which topics are relevant for your reserve management decisions?
2025 base: all central banks (73); advanced economy (15); EMDE (58).
When asked about relevant factors in their decision to hold gold, 85% of respondents indicated that gold’s performance during times of crisis is highly or somewhat relevant to their organisation. 81% of respondents also indicated that gold’s attribute as a portfolio diversifier is a relevant factor; while 80% highlighted its role as a store of value. These responses reinforce gold’s appeal as a strategic reserve asset.
Chart 6: How relevant are the following factors in your organisation's decision to hold gold?
2025 base: all central banks (59); advanced economy (13); EMDE (46). Ranked by adding “highly relevantʺ and “somewhat relevantʺ.
This finding was further analysed across respondents from EMDE and advanced central banks. 40 out of 46 (87%) of respondents from the EMDE group agreed that gold’s performance in times of crises is the most relevant factor in holding gold. This compares to 10 out of 13 (77%) of respondents from the advanced economy group. A divergence occurred when we asked about the relevance of gold as a geopolitical diversifier: 36 out of 46 (78%) of EMDE respondents rated this factor as relevant compared to just 6 out of 13 (46%) of respondents in advanced economies. This resonates with the recent trend in reported central bank holdings where we see a stronger appetite for gold accumulation from EMDE central banks.
Chart 7: How relevant are the following factors in your organisation's decision to hold gold? (2024 vs. 2025)
2025 base: all central banks (59); advanced economy (13); EMDE (46). Ranked by “highly relevant” plus “somewhat relevant” based on 2025 EMDE responses. Note: “Diversification policy”, “Other central banks hold gold” and “Domestic citizens’ perceptions about gold were added in 2025, while “Part of de-dollarisation policy” was removed as an option.
If we compare this to the same question in last year’s survey, we can see similarities. In 2024, “performance during times of crisis” was highly rated as relevant in holding gold. However, gold’s role as a “long-term store of value” was seen as more relevant to last year’s sample – and at the time, central banks across the world were battling higher inflation. Nevertheless, consistency in the top three relevant factors shows that central banks across the board continue to recognise gold’s strategic role in risk management.
2024 base: all central banks (57); advanced economy (18); EMDE (39). Ranked by “highly relevant” plus “somewhat relevant” based on 2025 EMDE responses. Note: “Diversification policy”, “Other central banks hold gold” and “Domestic citizens’ perceptions about gold were added in 2025.
Diversification does not guarantee any investment returns and does not eliminate the risk of loss. Past performance is not necessarily indicative of future results. The resulting performance of any investment outcomes that can be generated through allocation to gold are hypothetical in nature, may not reflect actual investment results and are not guarantees of future results. The World Gold Council and its affiliates do not guarantee or warranty any calculations and models used in any hypothetical portfolios or any outcomes resulting from any such use. Investors should discuss their individual circumstances with their appropriate investment professionals before making any decision regarding any Services or investments.
This information may contain forward-looking statements, such as statements which use the words “believes”, “expects”, “may”, or “suggests”, or similar terminology, which are based on current expectations and are subject to change. Forward-looking statements involve a number of risks and uncertainties. There can be no assurance that any forward-looking statements will be achieved. World Gold Council and its affiliates assume no responsibility for updating any forward-looking statements.
Information regarding QaurumSM and the Gold Valuation Framework
Note that the resulting performance of various investment outcomes that can be generated through use of Qaurum, the Gold Valuation Framework and other information are hypothetical in nature, may not reflect actual investment results and are not guarantees of future results. Neither World Gold Council (including its affiliates) nor Oxford Economics provides any warranty or guarantee regarding the functionality of the tool, including without limitation any projections, estimates or calculations.
