Central banks

An increasingly complex geopolitical and financial environment is making gold reserves management more relevant than ever. In 2023, central banks added 1,037 tonnes of gold – the second highest annual purchase in history – following a record high of 1,082 tonnes in 2022.

Following these record numbers, gold continues to be viewed favourably by central banks as a reserve asset. According to the 2024 Central Bank Gold Reserves (CBGR) survey, which was conducted between 19 February and 30 April 2024 with a total of 70 responses, 29% of central banks respondents intend to increase their gold reserves in the next twelve months, the highest level we have observed since we began this survey in 2018. The planned purchases are chiefly motivated by a desire to rebalance to a more preferred strategic level of gold holdings, domestic gold production, and financial market concerns including higher crisis risks and rising inflation.

Related downloads

 

Chart 1: What proportion of total reserves (foreign exchange and gold) do you think will be denominated in US dollars 5 years from now? (2022-2024 responses shown).

Chart 1: What proportion of total reserves (foreign exchange and gold) do you think will be denominated in US dollars 5 years from now? (2022-2024 responses shown).

Chart 1: What proportion of total reserves (foreign exchange and gold) do you think will be denominated in US dollars 5 years from now? (2022-2024 responses shown).
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.

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.

 

Chart 2: What proportion of total reserves (foreign exchange and gold) do you think will be denominated in gold 5 years from now? (2022-2024 responses shown).

Chart 2: What proportion of total reserves (foreign exchange and gold) do you think will be denominated in gold 5 years from now? (2022-2024 responses shown).

Chart 2: What proportion of total reserves (foreign exchange and gold) do you think will be denominated in gold 5 years from now? (2022-2024 responses shown).
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.

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.

 

Chart 3: How do you expect global central bank gold holdings to change over the next 12 months?

CB Survey 2024: Chart 3

2024 Base: All central banks (69); Advanced economy (24); EMDE (45). “Don’t know” was removed as a option from the 2023 survey onwards.

 

Chart 4: How do you expect your institution’s gold reserves to change over the next 12 months?

Chart 4: How do you expect your institution’s gold reserves to change over the next 12 months?

Chart 4: How do you expect your institution’s gold reserves to change over the next 12 months?
2024 Base: All central banks (69); Advanced economy (24); EMDE (45). “Don’t know” was removed as a option from the 2023 survey onwards.

2024 Base: All central banks (69); Advanced economy (24); EMDE (45). “Don’t know” was removed as a option from the 2023 survey onwards.

 

Chart 5: What topics are relevant for your reserve management decisions? (Select all that apply).

Chart 5: What topics are relevant for your reserve management decisions? (Select all that apply).

Chart 5: What topics are relevant for your reserve management decisions? (Select all that apply).
Base: All central banks (69); Advanced economy (24); EMDE (45).

Base: All central banks (69); Advanced economy (24); EMDE (45).

 

Chart 6: How relevant are the following factors in your organisation’s decision to hold gold?

Chart 6: How relevant are the following factors in your organisation’s decision to hold gold?

Chart 6: How relevant are the following factors in your organisation’s decision to hold gold?
Base: All central banks that hold gold (57); Advanced economy (18); EMDE (39). Ranked by “highly relevant” plus “somewhat relevant”.

Base: All central banks that hold gold (57); Advanced economy (18); EMDE (39). Ranked by “highly relevant” plus “somewhat relevant”.

 

Chart 7: How relevant are the following factors in your organisation’s decision to hold gold? (2023 vs. 2024).

How relevant are the following factors in your organisation’s decision to hold gold? (2023 vs. 2024).

How relevant are the following factors in your organisation’s decision to hold gold? (2023 vs. 2024).
2024 Base: All central banks that hold gold (57); Advanced economy (18); EMDE (39), 2023 Base: All central banks that hold gold (47); Advanced economy (11); EMDE (36). Ranked by “highly relevant” plus “somewhat relevant” based on 2024 responses.

2024 Base: All central banks that hold gold (57); Advanced economy (18); EMDE (39), 2023 Base: All central banks that hold gold (47);
Advanced economy (11); EMDE (36). Ranked by “highly relevant” plus “somewhat relevant” based on 2024 responses.

 

How relevant are the following factors in your organisation’s decision to hold gold? (2023 vs. 2024).

How relevant are the following factors in your organisation’s decision to hold gold? (2023 vs. 2024).
2024 Base: All central banks that hold gold (57); Advanced economy (18); EMDE (39), 2023 Base: All central banks that hold gold (47); Advanced economy (11); EMDE (36). Ranked by “highly relevant” plus “somewhat relevant” based on 2024 responses.

2024 Base: All central banks that hold gold (57); Advanced economy (18); EMDE (39), 2023 Base: All central banks that hold gold (47);
Advanced economy (11); EMDE (36). Ranked by “highly relevant” plus “somewhat relevant” based on 2024 responses.