Central banks

Central banks continue to be positive on gold, with roughly the same number of central banks expected to buy gold compared to last year. According to the 2021 Central Bank Gold Reserves (CBGR) survey, 21% of central banks intend to increase their gold reserves over the next 12 months.

A time series of official holdings of gold including an attribution of sales under the Central Bank Gold Agreement (CBGA).

Gold continues to be viewed favourably by central banks as a reserve asset. According to the 2022 Central Bank Gold Reserves (CBGR) survey, 25% of respondents intend to increase their gold reserves in the next twelve months, an uptick from 21% of respondents in 2021.

Following a historical high level of central bank gold buying, gold continues to be viewed favourably by central banks. Our 2023 survey revealed that 24% of central banks intend to increase their holding reserves in the next 12 months.

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.