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. Furthermore, central banks’ views towards the future role of the US dollar were more pessimistic than in previous surveys. By contrast, their views towards gold’s future role grew more optimistic, with 62% saying that gold will have a greater share of total reserves compared to 46% last year.

 

Half of central banks surveyed believe the percentage of reserves in USD in 5 years will be between 40-50%, while just over a quarter believe it will remain unchanged

Half of central banks surveyed believe the percentage of reserves in USD in 5 years will be between 40-50%, while just over a quarter believe it will remain unchanged

What proportion of total reserves (foreign exchange and gold) do you think will be denominated in
US dollars 5 years from now?

Half of central banks surveyed believe the percentage of reserves in USD in 5 years will be between 40-50%, while just over a quarter believe it will remain unchanged
What proportion of total reserves (foreign exchange and gold) do you think will be denominated in US dollars 5 years from now?
Base: All central banks (57), Advanced economy (13), EMDE (44).

Base: All central banks (57), Advanced economy (13), EMDE (44).


View the full 2023 survey