Central banks

  • Gold continues to be viewed favourably by central banks as a reserve asset.

  • 25% of respondents say they have plans to increase their gold reserves, up from 21% last year.

  • Recent economic and geopolitical developments may have contributed to a subtle but growing divide between central bank respondents in advanced economies and those in Emerging Market and Developed Economies (EDME).

 

We highlight several key insights below

Download the full report for more:

 

How relevant are the following factors in your organization’s decision to hold gold?

“Historical position” has now moved back up to the top spot after slipping in relevance in 2021, at which time central banks saw gold’s “performance during times of crisis” as most relevant. The latter, along with gold’s “long-term store of value”, now follows in importance with 74% of respondents marking it as highly or somewhat relevant.

2022 Central Banks Survey Q4 Chart

Base: All central banks that currently hold gold (46); Advanced (12); Developing (34)

 

 

How do you expect global central bank gold reserves to change over the next 12 months?

Central banks are more optimistic on gold as a reserve asset in 2022, with 61% of respondents stating they expect global gold reserves to increase over the next 12 months.

 

2022 Central Banks Survey Q5 Chart

Base: All central banks (56); Advanced economies (13); Developing economies (43)

 

 

How do you expect your institution’s gold reserves to change over the next 12 months?

The proportion of central bank respondents that intend to increase their gold reserves has increased every year. For the second consecutive year, no respondents also intend to decrease their gold holdings.

2022 Central Banks Survey Q6 Chart

Base: All central banks (56); Advanced economies (13); Developing economies (43)

 

 

How do you purchase gold? Please choose all that apply.

Among the central banks that purchase gold, around half purchase it on the global OTC market. For most advanced economies, it is a historical legacy asset.

2022 Central Banks Survey Q10 Chart

Base: All central banks that currently hold gold (46); Advanced (15); Developing (31)

 

 

In what form do you purchase gold?

Good Delivery bars remain the primary form of gold purchased by a large margin.

2022 Central Banks Survey Q11a Chart

Base: All central banks that currently hold gold (46); Advanced (12); Developing (34)

Source

World Gold Council

Update Schedule

The survey is expected to be conducted annually

Download the survey:

2021 Central Bank Gold Reserve Survey 2020 Central Bank Gold Reserve Survey 2019 Central Bank Gold Reserve Survey 2018 Central Bank Gold Reserve Survey