Central banks have increased their gold holdings significantly in recent years. Over the past three years, they have accumulated more than 1,000 tonnes annually—more than double the average of 400 to 500 tonnes seen in the previous decade. This rapid growth comes amid ongoing geopolitical and economic uncertainties that affect reserve managers and investors.
The 2025 Central Bank Gold Reserves (CBGR) survey, conducted between February 25 and May 20, sheds light on the growing importance of gold in reserve management during these challenging times. This year’s survey received 73 responses, the highest since it began eight years ago. The survey sample represents central banks globally and reflects the distribution of gold holdings. The increased participation shows strong engagement with gold among central banks and adds valuable insights into gold’s role in reserves.
The survey’s authors expressed gratitude to all central banks that contributed, highlighting the value of their input.
Consistent with past surveys, central banks remain positive about gold’s outlook. A vast majority—95%—expect global central bank gold reserves to grow over the next year. Moreover, a record 43% of respondents expect their own gold reserves to increase, while none foresee a decline.
Central banks cite gold’s strong performance during crises, its ability to diversify portfolios, and its role as an inflation hedge as key reasons for planning to add more gold. Its unique qualities as a store of value and strategic asset continue to make it attractive.
Most respondents (73%) expect US dollar holdings in global reserves to fall moderately or significantly over the next five years. They also anticipate that other currencies, including the euro and renminbi, along with gold, will gain a larger share.
The survey noted a rise in central banks actively managing their gold reserves, increasing from 37% in 2024 to 44% in 2025. While improving returns remains the main goal, risk management has surpassed tactical trading as the second most common reason for active management.
The Bank of England remains the top choice for gold storage, with 64% of respondents using its vaults. Additionally, more central banks reported holding some gold domestically in 2025 compared to last year (59% vs. 41%). However, only 7% plan to increase domestic gold storage over the next year.
This survey highlights the continuing and growing role of gold as a key asset for central banks facing a complex and uncertain global economic environment.
