2025 Central Bank Gold Reserves Survey Our 2025 Central Bank Gold Reserves (CBGR) survey helps us shine a light on the continued importance of gold reserve management in these challenging times. This year we set a new benchmark, drawing in 73 responses – the highest since our survey commenced eight years ago. This level of participation is a powerful signal of engagement with gold amongst the central banking community. The sample is highly representative of the overall central bank community, both geographically and in terms of gold owned. And their responses add depth to our insights into gold’s role within reserve management. Central banks continue to hold favourable expectations on gold: 95% of respondents believe that global central bank gold reserves will increase over the next 12 months A record 43% of respondents also believe that their own gold reserves will also increase over the same period and none anticipate a decline in gold holdings Gold’s performance during times of crisis, portfolio diversification and inflation hedging are some key themes driving plans to accumulate more gold over the coming year. These characteristics are key reasons for why central banks hold strategic allocations to gold.