1、2023 Central Bank Gold Reserves SurveyMay 2023 Executive SummaryThese results come amidst a backdrop of ongoing geopolitical tensions as the war in Ukraine continues and the ensuing macroeconomic fallout of prolonged inflation and tighter monetary policy persists.Adding to these concerns is the bank

2、ing sector crisis in the United States and Europe which began in early 2023.The rationale to increase gold holdings therefore comes as no surprise since“interest rate levels”,“inflation concerns”,and“geopolitical risks”continue to be the leading factors in central bankers reserve management decision

3、s as they were last year.On the other hand,“concerns over current or future pandemics”fell in relevance from last year as global economies recovered from the COVID pandemic.“Digital currencies”also dropped in relevance from last year in the aftermath of major fallouts in the digital asset space(Char

4、t 1).Following a historical high level of central bank gold buying,gold continues to be viewed favourably by central banks as a reserve asset.According to the 2023 Central Bank Gold Reserves(CBGR)survey,which was conducted between 7 February and 7 April 2023 with a total of 59 responses,24%of centra

5、l banks respondents intend to increase their gold reserves in the next twelve months,in line with last years findings.The planned purchases are chiefly motivated by increased buying of domestic gold production,rebalancing to a more preferred strategic level of gold holdings,and financial market conc

6、erns including higher crisis risks and rising inflation (Q7a,page 22).88%47%40%25%27%10%10%6%84%43%43%84%23%9%13%7%13%91%88%84%48%43%77%18%7%13%2%7%97%83%59%41%34%22%10%7%5%5%2%020406080100120Interestrate levelsInflationconcernsGeopoliticalinstabilityESGissuesConcernsover currentor futurepandemicsTe