Central Banks Add Over 1,000 Tonnes of Gold for Third Straight Year

Central banks globally have added more than 1,000 metric tonnes of gold to their reserves for the 3rd consecutive year, according to the World Gold Council (WGC). This is a sharp increase from the 400-500 tonnes annually added in the previous decade. The increase has come amid broader financial and geopolitical uncertainty.

Plans for Further Accumulation

A survey by WGC believes a record 95% of central banks' global gold reserves will rise further over the next 12 months. Nearly half of the central banks also indicated they plan to raise their own gold holdings in the coming year, even with prices at record highs.

Changing Composition of Reserves

The same survey showed that 73% of central banks expect the share of US dollar holdings in global reserves to decline over the next 5 years. This is an increase from 62% who said the same last year. At the same time, central banks anticipate an increase in the share of gold, as well as currencies like the Euro and the Chinese renminbi.

Price and Demand Trends

Gold prices have reached new highs in 2025, with an all-time peak of $3,500.05 an ounce recorded in April. The metal’s price has risen by around 95% since early 2022. Despite this rise, demand from central banks has continued to grow, with many citing factors such as trade uncertainties and inflation concerns as key considerations.

Read more: Why Are Central Banks Hoarding Gold More Than Ever?

Survey Scope and Respondents

The WGC survey gathered responses from 73 central banks between February 25 and May 20, 2025. Most respondents from emerging markets and developing economies, around 69%, indicated concerns about trade conflicts and tariffs in their reserve strategies, compared to 40% from advanced economies.

Conclusion

The data shows a continued trend of gold accumulation by central banks, with expectations for further increases in gold holdings and a shift away from the US dollar in the coming years.

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