Central banks around the world are showing renewed confidence in gold as a strategic asset, according to the 2025 Central Bank Gold Reserves (CBGR) Survey released today.
The findings reveal a sustained and growing appetite for the precious metal, with central banks continuing to bolster their gold holdings in response to persistent geopolitical tensions and economic uncertainty.
The World Gold Council’s latest survey, conducted between February 25 and May 20, garnered a record-breaking 73 responses from central banks across the globe—underscoring a rising engagement with gold as a cornerstone of reserve management.
Accelerating Gold Purchases
For the third consecutive year, central banks collectively acquired over 1,000 tonnes of gold, a significant increase from the 400–500 tonnes averaged annually in the previous decade. This trend signals a fundamental shift in reserve management strategy as central banks seek greater security, diversification, and resilience in the face of inflation, currency volatility, and shifting geopolitical alliances.
A commanding 95% of survey respondents believe global central bank gold reserves will continue to rise over the next year. Notably, a record 43% of the banks surveyed expect to increase their own gold reserves within the same timeframe—while none foresee a reduction.
Strategic Value of Gold
The 2025 survey sheds light on the motivations behind these moves. Central banks cite gold’s strong performance during times of crisis, its role as a store of value, and its unique ability to diversify portfolios as key drivers of their buying decisions. Gold is also being seen increasingly as a hedge against inflation, a concern that continues to shape monetary policy decisions globally.
“Gold’s strategic importance has never been clearer,” the report notes. “Its historical resilience, liquidity, and independence from counterparty risk make it an anchor in today’s volatile environment.”
Shifting Reserve Currency Dynamics
Beyond gold, the survey indicates a broader shift in the composition of global foreign exchange reserves. A significant 73% of central banks expect the US dollar’s share of global reserves to decline over the next five years. Meanwhile, other reserve assets such as the euro, renminbi, and gold are projected to gain more prominence.
Reserve Management Becoming More Active
The 2025 report also finds a growing number of central banks are taking a more hands-on approach to managing their gold assets. The share of central banks that actively manage their gold reserves has risen from 37% in 2024 to 44% in 2025. While return enhancement remains the top motivation, risk management has overtaken tactical trading as the second most important reason.
Vaulting Preferences and Domestic Storage Trends
As for storage, the Bank of England remains the most trusted vaulting partner, with 64% of respondents choosing it as their preferred location for gold custody. However, the survey records a growing trend toward domestic storage: 59% of central banks now report holding some of their gold reserves locally—up from 41% last year. That said, only a small proportion (7%) plan to expand domestic gold storage in the coming year.
Conclusion
The CBGR 2025 survey presents a compelling narrative: central banks are not only accumulating gold at an accelerated pace but are also becoming more proactive in how they manage and safeguard this critical asset. In a world marked by economic fragmentation, rising inflation, and geopolitical re-alignments, gold continues to serve as a stabilizing force in central bank reserves.
The survey results reinforce gold’s standing as both a strategic safe haven and a long-term store of value—a sentiment now shared more widely across the global central banking community than ever before.
