WGC: Central Banks Make Record Gold Forecast
A record number of central banks expect their gold reserves to grow in the coming year, according to a survey by the World Gold Council, while US dollar holdings are expected to shrink in the longer term.
In a survey of central banks by the World Gold Council (WGC), nearly all respondents (95 percent) believe that global central bank gold reserves will increase over the next 12 months. And a record 43 percent expect their own gold reserves to grow in the same period with zero respondents anticipating a decline.
While the Bank of England remains the most popular vaulting location for gold reserves (64 percent), a significantly higher percentage of respondents reported some domestic storage – 59 percent in 2025 compared to 41 percent in 2024.
Accelerated Accumulation
In each of the last three years, central banks accumulated more than 1,000 tons of gold compared to an average of 400 to 500 tons over the preceding decade, according to historical gold demand and supply data.
«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,» WCG said.
«In addition, gold’s unique characteristics and role as a strategic asset continue to be valued by central banks: its performance in times of crisis, ability to act as a store of value, and its role as an effective diversifier, continue to be cited as key reasons for an allocation to gold.»
Longer Term Holdings
Over the next five years, 73 percent of respondents see moderate or significantly lower US dollar holdings within global reserves. On the other hand, the share of other currencies such as the euro and renminbi, alongside gold, is expected to rise during the same period.
The survey was conducted by WGC and YouGov for the eighth year with an all-time high of 73 respondents from central banks between 25 February and 20 May 2025. Central banks that are under sanctions were not contacted.