95% of central banks are buyers and will increase

This article published by * and partialy troncated for the benefit of the list;

Gold prices have absolutely sky-rocketed in the past two years, soaring from under US$2000/oz in late 2023 to more than US$3350/oz today and, at one point in April, as much as US$3500/oz.
A sizeable portion of that price move could be flimsy, locked into safe haven demand based off temporary responses to signs of global economic and geopolitical instability – Trump’s tariffs, the TACO trade (Trump Always Chickens Out – a gag from Wall Street that the Prez HATES), war in the Middle East and Ukraine.

But a large driver, underwriting the gold price according to many analysts, has been demand from central banks.
Sovereign buyers of bullion have hoovered up, on a net basis, around 1000t of gold in each of the past three years, well above historic levels.
Around 95% of central banks buyers expect central banks to increase their gold reserves this year, up from 81% last year, with 76% thinking gold will be a larger proportion of global reserve assets in five years compared to today, up from 62% last year.
43% of respondents have concrete plans to increase their gold reserves in the next 12 months, up from just 29% last year.

That comes despite the extraordinarily high cost currently of buying gold, WGC global head of central banks and head of Asia-Pacific (ex-China) Shaokai Fan said.
“After eight years of conducting this survey, we have reached an important milestone: nearly half of the central bank respondents intend to increase their own gold holdings in the coming year. This is remarkable, especially considering how many record-high prices we’ve hit so far in 2025,” he said.

“Notably, this reflects the current global financial and geopolitical environments. Gold remains a strategic asset as the world faces uncertainty and tumult. Central banks are concerned about interest rates, inflation, and instability – all reasons to turn to gold to mitigate risk.”
The desire to acquire more gold is even higher in emerging markets, with 48% of the 58 surveyed saying the plan to increase their gold reserves over the next 12 months, compared to just 21% of advanced economy respondents.
Those geopolitical fears are reflected also in where gold is being stored, with domestic storage of bullion up from 41% to 59% as a prepper mentality sets in. Around 73% of respondents also see moderately or significantly lower US dollar holdings in global reserves over the next five years.
That could happen in lockstep with higher Euro and Renminbi holdings, as economic turmoil, US debt levels and trade unpredictability from the new US Administration prompt foreign central bankers to diversify from the universal store of value.
Notably, no central bankers think their gold holdings will decrease this year, with 3% of respondents having indicated plans to sell gold in 2024 and 2023.
“Expectations point to continued gold buying over the next 12 months, reflecting sustained confidence in gold’s strategic role amid evolving geopolitical and macroeconomic dynamics.”
87% of EMDEs and 77% of advanced economy central banks pointed to gold’s performance during a time of crisis as a key reason for holding gold, while 92% of advanced economy central banks say it’s because of their historical position.