Summary

• Central banks’ gold accumulation has doubled over the past four years, with 89% expecting global reserves to rise further in the next 12 months.
• Geopolitical instability, inflation concerns, and interest rate levels are driving gold’s appeal as a strategic reserve asset and portfolio diversifier.
• 74% of respondents anticipate a moderate or significant decline in US dollar holdings within global reserves over the next five years, favoring gold instead.
• Central banks are increasingly diversifying gold storage locations, with a notable uptick in both domestic and overseas vaulting arrangements.

Executive Summary

Central banks have accumulated an average of 1,000t of gold over the past four years, up significantly from the 500t average over the preceding decade.¹ This marked acceleration in the pace