World Gold Council sees 'overwhelming majority' of central bank gold reserves rising over 12 months

The survey said an overwhelming majority of 95% respondents believe central banks' gold reserves will rise over the next 12 months, with a record 43% believing their own gold reserves too will rise this year.

An annual central bank survey by the World Gold Council, conducted between February and May, has showed that central banks see the demand for gold likely staying strong, and view the precious metal as an 'important strategic asset' in their reserves, especially in current volatile and unpredictable times.

Diversification and risk mitigation continue to be key factors behind the strategic reserve, showed the survey findings, released on June 17.

The survey said an overwhelming majority of 95% respondents believe central banks' gold reserves will rise over the next 12 months, with a record 43% believing their own gold reserves too will rise this year.

The findings of the WGC survey suggested that there a majority of respondents (73%) see 'moderate or significantly lower' US dollar holdings in the global reserves over the next five years. "Respondents also believe that the share of other currencies, such as the euro and renminbi, as well as gold, will increase over the same period." the WGC survey said.

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WGC said it used anonymized links to send to their contacts within central banks around the world, excluding those that are under sanctions, and in the end, it received a total of 73 responses, up from 70 last year, and representing a 49% response rate amongst the central banks contacted.

The Bank of England remains the top vaulting location for gold reserves, with over two-third of the central banks responses favouring it, though a higher number of respondent showed that domestic storage, compared to last year (59% in 2025 vs 41% in 2024). Only seven percent of the respondents said they plan to increase domestic storage of gold reserves over the next 12 months.

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The number of respondents that are actively managing their gold reserves increased from 37 percent in 2024 to 44 percent in 2025, with higher returns as the primary reason followed by risk management, underscoring the global uncertainties.

"Ongoing economic and geopolitical uncertainty continues to weigh on reserve managers, as this year’s findings highlight. Concerns over the inflation outlook and potential trade conflicts, particularly amongst EMDE (emerging markets and developed economy) banks, show that diversification and risk mitigation continue to be key drivers of strategic reserve management decisions," the report said.

The survey respondents said economic and geopolitical factors continue to rank high in their reserve management decisions.