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Gold Reserves by Country

Central banks

Gold is an important component of central bank reserves because of its safety, liquidity and return characteristics – the three key investment objectives for central banks. As such, they are significant holders of gold, accounting for around a fifth of all the gold that has been mined throughout history. To help understand this sector of the gold market, we publish gold reserve data – compiled using IMF IFS statistics – which tracks central banks’ (and other official institutions, where appropriate) reported purchases and sales along with gold as a percentage of their international reserves.

For more information see our Gold Demand Trends report

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Central Banks Dashboard v2

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来源： Central Banks, 圣路易斯联邦储备银行, 国际货币基金组织, 世界银行, 世界黄金协会; 版权和其他权利

Note: Current account and gross domestic product data is lagged by a quarter due to data availability (last update 2025-09-30).

This chart was updated in February 2026 and reports data available at that time. Data are taken from the International Monetary Fund's International Financial Statistics (IFS), December 2025 edition, and other sources where applicable. IFS data are two months in arrears, so holdings are as of December 2025 for most countries, September 2025 or earlier for late reporters. Where the World Gold Council knows of movements that are not reported to the IMF or misprints, changes have been made.

The percentage share held in gold of total foreign reserves is calculated by the World Gold Council. The value of gold holdings is calculated using the end of quarter LBMA Gold Price, which is published daily by ICE Benchmark Administration for the value of other reserves are taken from IFS, table ‘Total Reserves minus Gold’.
 

Length and Frequency

Quarterly official gold holdings from 2000, as well as the latest available month-end data for the Top 100 holders.

Monthly and annual detailed changes in gold reserves from January 2002.

Annual sales by CBGA signatories from 1999.
 

Update Schedule

Monthly files are updated within the first 10 days of the month (with data two months in arrears). Quarterly data is updated a month after the end of the quarter.
 

Units

Holdings are given in tonnes, US$ value and % of total reserves. Changes in holdings are measured in tonnes.

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9月全球黄金ETF持仓继续减少，第三季度整体呈净流出态势

9月，全球黄金ETF 净流出15.2 吨（约合8.3亿美元，资产管理规模AUM下降0.4%）。亚洲基金的净流入仅部分抵消欧洲和北美基金的流出。金价在实际利率上升、美元走强以及COMEX黄金期货净多仓位降低 的影响下收跌，令全球黄金ETF总持仓于本月降至3,592吨（约合2,010亿美元） ，这是自4月以来的最低吨位水平。

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ZH ETF flows chart

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来源： 彭博社, 公司文件, 洲际交易所基准管理机构, 世界黄金协会; 版权和其他权利

9月区域市场回顾

9月黄金ETF的流出主要由欧洲基金主导，其次为北美。英国和德国的大型基金的持仓规模下降导致欧洲黄金ETF持仓整体减少11.5吨（约合6.4亿美元）。北美地区黄金ETF总计流出6.6吨（约合3.49亿美元），主要是由美国大型基金的持仓减少所致。欧洲和北美的黄金ETF流出主要源于这些地区央行货币政策的趋紧——欧洲央行将适度放缓其为应对新冠疫情而采取的紧急资产购买计划，而美联储则表示会在第四季度缩减购债计划，同时市场对于其明年加息的预期也在不断升温。而因中国股市波动加大，国内投资者对于黄金ETF的青睐度上升，致本季度结束时亚洲黄金ETF净流入则达到2.4吨（约合1.35亿美元）。此外，印度股市波动加剧，国内金价回调，印度黄金ETF持仓随之达到自2013年9月以来的最高水平。4   其他地区也为全球黄金ETF的规模增加贡献了0.4吨（约合2,500万美元）的净流入。5 

黄金价格表现和交易量

9月金价收盘时报1,743美元/盎司6 ，下跌约4%。根据我们的短期金价表现归因模型，9月份的黄金疲弱是由利率上升、美元走强和期货净多仓位下滑所致。 由于主要央行可能会逐步收紧其宽松货币政策，美债利率也升至本季度高点，而这反之也支撑了美元的强势。7 截止9月底，金价年内已下跌超过8%。 9月份的黄金日均成交量从8月1,410亿美元的低点上升至1,460亿美元，但仍低于年内1,600亿美元的平均水平。 COMEX黄金期货净多仓位在下半月降至537吨（约合300亿美元），也反映出近期黄金遇冷的普遍现象。更多细节请见2021年9月的黄金市场评论。

2021年第三季度亮点 8

第三季度，黄金ETF流量变动基本与金价波动一致，在北美基金流出的影响下整体持仓减少了46.3吨（约合26亿美元，-2.4%）。北美黄金ETF的流出主要由大型美国基金主导，大部分外流出现在8月份。欧洲方面，由于通胀预期持续走高，因而实现净流入15.2吨（约合9.09亿美元，1.0%）。与第二季度类似，德国基金的贡献占到本季度欧洲净流入的一半以上（8.9吨，约合5.16亿美元）。这些地区的低成本黄金ETF 9持续强势增长，总计增持约合9.2亿美元（15.9吨），帮助缓解了整体黄金ETF规模下降的趋势。

本季度亚洲基金流入约合2.28亿美元（3.0%），这是由于当地黄金投资需求在股市波动加剧的影响下（尤其是在中国经济增长放缓的情况下）仍保持强劲。此外，金价下跌也致使一些投资者选择战术性低位建仓。其他地区在新兴市场股市疲软的前提下，第三季度的黄金ETF净流入总计约合1,300万美元（0.4%）。

区域流量变化10 

9月，欧洲和北美基金的流出量超过亚洲基金的流入量：

  • 欧洲：净流出11.5吨（约合6.4亿美元，-0.7%）；
  • 北美：净流出6.6吨（约合3.49亿美元，-0.3%）；
  • 亚洲：净流入2.4吨（约合1.35亿美元，1.7%）；
  • 其他地区：净流入0.4吨（约合2,500万美元，0.7%）。

具体基金流量变化

9月，美国的SPDR® Gold Shares和英国的iShares Physical Gold是全球黄金ETF的主要流出来源，部分被亚洲基金和美国iShares Gold Trust的净流入相抵消：

  • 北美：SPDR® Gold Shares流出10.2吨（约合5.61亿美元，-1.0%），iShares Gold Trust则流入2.5吨（约合1.45亿美元，0.5%）。低成本黄金ETF基金 iShares Gold Trust Micro增持0.6吨（约合3,700万美元，6.2%），而Goldman Sachs Physical Gold增持0.5吨（约合2,900万美元，7.6%）；
  • 欧洲：iShares Physical Gold流出6.2吨（约合3.51亿美元，-2.7%），Invesco Physical Gold减持1.5吨（约合8,100万美元，-0.6%）。另一方面，Xtrackers IE Physical Gold则流入1.7吨（约合9,300万美元，4.7%），Xetra Gold增持0.8吨（约合4,800万美元，0.3%）；
  • 亚洲：中国的华安易富黄金ETF流入1.1吨（约合5,800万美元，3.4%），印度的Nippon India Gold增持0.5吨（约合3,100万美元，3.9%）。

长期趋势

在经历了第二季度的部分复苏之后，随着金价的持续疲软，第三季度整个发达市场的黄金ETF再次呈净流出态势：

  • 年初至今，全球黄金ETF已流出约合83亿美元（-156吨），因为北美和一些欧洲大型基金受金价波动影响持仓下降，而低成本及亚洲基金则保持稳定的流入；
  • 亚洲黄金ETF从第二季度流入量下跌中实现反弹，再次成为全球黄金ETF的主要增长动力，在区域经济发展不确定性加大的情况下，亚洲黄金ETF规模年内增加近12亿美元（17%）；
  • 尽管金价波动持续，但低成本黄金ETF整体仍有流入，年内增幅近43%（60.1吨），占全球黄金ETF市场总额的约6%。
下载pdf ETF Flows September 2021 ZH 下载xlsx ETF Flows September 2021 XLSX ZH

9月摘要

9月，全球黄金ETF1净流出15.2 吨（约合8.3亿美元，资产管理规模AUM下降0.4%）。亚洲基金的净流入仅部分抵消欧洲和北美基金的流出。金价在实际利率上升、美元走强以及COMEX黄金期货净多仓位降低2的影响下收跌，令全球黄金ETF总持仓于本月降至3,592吨（约合2,010亿美元） 3，这是自4月以来的最低吨位水平。

 

**Note: As of 1 July 2021, this dataset now includes several enhancements, which we believe improve the accuracy and usability of the data.

  • Fund aggregation: funds that include more than one asset or sub-asset class are now grouped and displayed as a single product. This allows tracking of total assets of individual funds over time more easily. This change applies mainly to various European funds (and a few other regions) which, for example, offer different listings of the same fund structure and that were previously treated in our universe, for simplicity, as distinct products.
  • Holdings accuracy: the estimation of gold holdings by converting net asset values (NAVs) of the different funds to tonnage now uses relevant regional gold price benchmarks for funds in China and India, which we believe is more precise. Previously, for ease of calculation, we used the LBMA Gold Price PM for all funds. Thus, differences between those benchmarks and the LBMA Gold Price, whether due to timing or due to local premiums, could result in a less accurate estimation of the gold holdings. This was especially noticeable for funds listed in China and India during days when the gold price experienced significant moves or there were regional holidays. 
  • Previously, changes in tonnes were calculated by converting a fund’s AUM (in USD) into gold holdings (in tonnes) and computing the difference over periods. However, currency movements and large daily and weekly gold price movements could distort the difference between tonnage change and US-dollar fund flows during short time horizons. We therefore adjusted tonnage change as a function of fund flows versus AUM and replaced the tonnage change field with fund flows (tonnes).
  • Now, for most funds, we estimate US-dollar fund flows, as described in section 2.3.2 below, and then convert those flows to fund flows (tonnes).
    Fund flows (tonnes) and US-dollar fund flows will now represent a more aligned explanation of investment demand for gold ETFs, while the true holdings of a fund, in US dollars and tonnage, will remain a close estimate, impacted by the currency and price volatility described above.
  • Based on our initial analysis, the changes are not likely to have a material long-term effect on historical information, particularly on a global or regional aggregate basis, but will adjust short-term fluctuations that can sometimes occur due to input data and timing variations.
  • As of 1st September the fund flows data includes an additional tab showing monthly tonnage flows (Delta tonnes by month).

These changes may lead to some – generally minor – revisions of historical data.

 

全球黄金ETF持有量和流动

来源： 彭博社, 公司文件, 洲际交易所基准管理机构, 世界黄金协会; 版权和其他权利

“全球流入”是指在给定时期（如月、季度等）发生盎司量净增长的所有基金变化总和。与之相反，“全球流出”是指同一时期发生盎司量下降的基金变化总和。相关注释和定义请见本页底部。

有些基金的吨数变化不可直接测量但可估算。由于基金净值和黄金价格基准设定时间期间的外汇变化，当这些值比较小时，可能会导致吨数和流动之间的方向变化

 

资产管理规模

来源： 彭博社, 公司文件, 洲际交易所基准管理机构, 世界黄金协会; 版权和其他权利

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长度和频率

流动量和持仓量每月更新。数据按日、月、年提供，以表格和图表形式表示。

更新时间表

数据每月更新，更新时间为上月末一周内

单位

单位为吨和美元。

  1. 我们会定期核查全球黄金ETF，并根据最新数据和信息调整基金名单和持仓量。

  2. 基于截至2021年9月28日（即COMEX每周仓位数据的最后日期）的LBMA午盘金价。

  3. 基于截至2021年9月30日的LBMA午盘金价。

  4. 印度股市波动率基于截至2021年9月30日孟买敏感指数(BSE SENSEX)指数的一个月波动率数据。持仓量基于截至2021年9月30日的LBMA午盘金价。

  5. “其他”地区包括澳大利亚、南非、土耳其、沙特阿拉伯以及阿联酋。

  6. 基于截至2021年9月30日的LBMA午盘金价。

  7. 基于彭博美国10年期公债收益率、美国10年期通胀指数债券收益率以及美国10年期盈亏通胀率指数。

  8. 第三季度ETF流量报告详情可见《2021年第三季度黄金需求趋势报告》。

  9. 美国低成本黄金ETF由世界黄金协会定义为在美国和欧洲设立、交易，且年度管理费率及其他费用（如固定成本）不超过20个基点的黄金ETF开放式基金，由实体黄金支持。目前，该类基金包括Aberdeen Physical Swiss Gold Shares, SPDR® Gold MiniShares, Graniteshares Gold Trust, Goldman Sachs Physical Gold ETF, iShares Gold Trust Micro, CI Gold Bullion Fund, WisdomTree Core Physical Gold以及Xtrackers IE Physical Gold ETC。

  10. 我们同时以盎司/吨数和美元来计算黄金ETF流量，因为这两项指标均与准确了解黄金ETF表现息息相关。吨位变化可直接反映持仓水平的波动，而流量的美元价值则为金融行业标准，能够展示投向黄金ETF的资金规模。自2021年7月1日起，我们对计算方法进行了一些调整和改进，且会对历史和未来的数据产生一定影响。我们具体修订了预估黄金持仓变动的方法，如下所述:

    • 以前，吨位变化是通过将基金AUM（美元）转换为黄金持仓（吨）并估算各时间段差额来计算的。但货币变动及每日/每周的大幅金价变动可能会在短期内造成吨位变化和美元基金流量之间的差额出现偏差。因此，我们将吨位变化调整为基金流量与AUM的函数，并以基金流量（吨）取代吨位变化数据。
    • 现在对于大多数基金而言，我们会预估美元基金流量（如下2.3.2节所述），然后将这些流量转换成基金流量（吨）。
    • 现在，基金流量（吨）和美元基金流量将作为对黄金ETF投资需求的统一解释，而基金的真实黄金持仓（以美元和吨为单位）仍将为近似预估值，受到上述货币和价格波动的影响。
    • 据我们初步分析，这些变动不太可能对历史信息（尤其是全球或区域总量基础）产生重大的长期影响，但会对有时因数据输入和时间变化而导致的短期波动进行调整。
FS Version ID
186

Gold spot prices

Price and premium

Price discovery is crucial for any market. Gold not only has a spot price, but it also has the LBMA Gold Price, as well as several regional prices. The LBMA Gold Price is used as an important benchmark throughout the gold market, while the other regional gold prices are important to local markets.

This data set provides the gold price averages over a range of timeframes (monthly, quarterly, annually) going back to 1978, and in the major trading, producer, and consumer currencies.

As of 18 March 2025, only limited LBMA Gold Price data is available on our website. Historical LBMA Gold Price data has been removed at the request of the ICE Benchmark Administration. If you would like to obtain the historical LBMA Gold Price, please visit here for more information on licensing.

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Gold prices

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Market Data: Provided by ICE Data Services. More information
Data Source: Copyright © 2024 FactSet Research Systems Inc. All rights reserved, Multi Commodity Exchange of India Limited

 

Gold reference prices

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来源： 洲际交易所基准管理机构, 印度多种商品交易所, 上海黄金交易所, 世界黄金协会; 版权和其他权利

Length and Frequency

The average gold price in a range of frequencies (monthly, quarterly, annually) and various currencies (including the major trading, producer, and consumer currencies) from 1978. Gold reference prices from the London Bullion Market Association and Shanghai Gold Exchange in a range of frequencies (daily, weekly, monthly, annually) back to 2015 or earlier where available.

Update Schedule

Updated weekly.

Units

Prices are quoted in currency unit per troy ounce unless otherwise stated.

Methodologies

LBMA Gold Price

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Returns

Performance metrics

Gold has long been considered a beneficial asset during periods of uncertainty. Historically, it generated long-term positive returns in both good times and bad. This duality reflects the diverse sources of demand for gold and differentiates it from other investment assets. And gold's benefits to investors are best understood in context with other assets and from a global perspective. As such, we publish performance metrics (returns) for gold and relevant asset classes in multiple currencies. This dynamic tool allows investors to analyse gold returns historically and compare it to that of major assets across various markets.

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Gold and major asset returns

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Length and Frequency

The chart and table summarises investment returns for a range of assets, including gold, over various time periods (ranging from one week to any period up to January 1971).

Update Schedule

This data set is updated weekly.

Units

This data is provided in percentages.

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