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.

 

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.


View the full 2024 survey