1、gold.orgCentral Bank Gold Reserves SurveyJune 202501Central Bank Gold Reserves Survey June 2025gold.orgExecutive SummaryCentral banks have accumulated over 1,000t of gold in each of the last three years,up significantly from the 400-500t average over the preceding decade.1 This marked acceleration i

2、n the pace of accumulation has occurred against a backdrop of geopolitical and economic uncertainty,which has clouded the outlook for reserve managers and investors alikeOur 2025 Central Bank Gold Reserves(CBGR)survey,conducted between 25 February and 20 May,helps us shine a light on the continued i

3、mportance of gold reserve management in these challenging times.This year we set a new benchmark,drawing in 73 responses2 the highest since our survey commenced eight years ago.The sample is highly representative of the overall central bank community,both geographically and in terms of gold owned.An

4、d the increase in participation is not just a number;it is a powerful signal of engagement with gold amongst the central banking community.These responses add depth to our insights into and understanding of golds role within reserve management.We would like to give special thanks to all the central

5、banks who took the time to participate3 in this years survey.Your engagement and thoughtful contributions are incredibly valuable.Key highlights Similar to findings from previous surveys,central banks continue to hold favourable expectations on gold.Respondents overwhelmingly(95%)believe that global

6、 central bank gold reserves will increase over the next 12 months.This year,a record 43%of respondents believe that their own gold reserves will also increase over the same period.Interestingly,none of our respondents anticipate a decline in their gold reserves.Golds performance during times of cris