Central Banks Lift Gold Holdings Above 36,000 Tonnes, Highest Since 1975

3 articles · Updated · The Conversation · Jun 26

More than 36,000 tonnes of gold are now held by central banks, the highest level in 50 years after official buying averaged about 1,000 tonnes annually over the past four years.
Russia’s 2022 invasion of Ukraine helped accelerate that shift as sanctions risk rose, including the freezing of roughly $300 billion of Russian central-bank assets and its exclusion from SWIFT.
Emerging-market buyers led by Russia, China, Turkey and India have driven most of the demand, with 90% of central banks citing gold’s crisis performance and 37% of developing-economy banks also pointing to sanctions concerns.
Gold now makes up 27% of official reserves versus 22% for US Treasuries, though it still represents only a small share of total reserves and is unlikely to restore a gold-standard era.
A record 45% of central banks surveyed expect to increase gold holdings again over the next year, suggesting geopolitical risk and reserve diversification will keep supporting demand.

Sources

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Global Central Bank Gold Holdings Surge to All-Time Highs Amid Geopolitical Tensions and Reserve Diversification

Overview

Central banks are increasingly diversifying where they store their gold, with the Bank of England still the top choice, but domestic storage is gaining ground. This shift is driven by a significant rise in changes to vaulting locations, as more central banks move gold back home or spread it across different sites. The Bank for International Settlements has seen a slight uptick in use, while the Swiss National Bank’s appeal has dropped. These changes reflect a broader trend of central banks actively managing risk and seeking greater control over their gold reserves in response to evolving global conditions.

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