2025年中央银行黄金储备调查

Central Bank Gold Reserves SurveyJune 2025 Executive Summary Central banks have accumulated over 1,000t of gold in each of the last three years, upsignificantly from the 400-500t average over the preceding decade.1This markedacceleration in the pace of accumulation has occurred against a backdrop of geopoliticaland economic uncertainty, which has clouded the outlook for reserve managers andinvestors alike Our 2025 Central Bank Gold Reserves (CBGR) survey, conducted between 25 February and 20 May, helps us shinea light on the continued importance of gold reserve management in these challenging times. This year we set anew benchmark, drawing in 73 responses2– the highest since our survey commenced eight years ago. The sampleis highly representative of the overall central bank community, both geographically and in terms of gold owned.And the increase in participation is not just a number; it is a powerful signal of engagement with gold amongst thecentral banking community. These responses add depth to our insights into and understanding of gold’s rolewithin reserve management. We would like to give special thanks to all the central banks who took the time to participate3in this year’s survey.Your engagement and thoughtful contributions are incredibly valuable. Key highlights Similar to findings from previous surveys, central banks continue to hold favourable expectations on gold.Respondents overwhelmingly (95%) believe that global central bank gold reserves will increase over the next12 months. This year, a record 43% of respondents believe that their own gold reserves will also increase over the sameperiod. Interestingly, none of our respondents anticipate a decline in their gold reserves. Gold’s performance during times of crisis, portfolio diversification and inflation hedging are some key themesdriving plans to accumulate more gold over the coming year. In addition, gold’s unique characteristics and roleas a strategic asset continue to be valued by central banks: its performance in times of crisis, ability to act as astore of value, and its role as an effective diversifier, continue to be cited as key reasons for an allocation to gold. The majority of respondents (73%) see moderate or significantly lower US dollar holdings within global reservesover the next five years. Respondents also believe that the share of other currencies, such as the euro andrenminbi, as well as gold, will increase over the same period. The survey highlighted an uptick in respondents who actively manage their gold reserves, from 37% in 2024to 44% in 2025. While enhancing returns remained the primary reason for this, risk management leapfroggedtactical trading as the second most selected reason. The Bank of England remains the most popular vaulting location for gold reserves amongst respondents (64%);a significantly higher percentage of respondents reported some domestic storage of gold reserves this yearthan they did last year (59% in 2025 vs. 41% in 2024). Just 7% of respondents indicated that they plan toincrease domestic storage of gold reserves over the next 12 months. Perspectives on gold reserves This year’s survey extends the trend: central banks continue to view gold favourably,underscoring its enduring appeal and relevance amid a highly uncertain geopoliticaland economic environment. Our survey shows a continuation of the trend uncovered in previous years: central banks see gold makingup a growing share of their reserve portfolios. 76% of respondents believe that gold will hold a (moderately orsignificantly) higher share of total reserves five years from now, up from 69% last year. Responses were alsofairly consistent between central banks in advanced economies and EMDE (emerging markets and developingeconomies), with the majority anticipating that the proportion of gold held as total reserves would bemoderately higher in five years.Chart 2: What proportion of total reserves (foreign exchange and gold) do you think will be denominated in gold 5 yearsfrom now? (2022-2024 responses shown) Respondents were less sanguine on the US dollar. While it maintains its position as the dominant global reservecurrency, data from the IMF’s Currency Composition of Official Foreign Exchange Reserves (COFER) shows that itsshare has been on a gradual decline.4And respondents believe that this trend will continue, with 73% expectingits share to be lower five years from now. Both advanced economy and EMDE responses were aligned in this view. When asked about their expectations for how global central bank gold reserves will change over the next12 months, respondents were almost unanimous. A record 95% of respondents believe that official goldreserves will continue to increase, up from 81% last year. This sentiment was again consistent across bothadvanced economy and EMDE respondents. This finding is particularly notable given the colossalgold accumulation among central banks over recent years.13i. How do you expect global centra