On 16 June, the World Gold Council (WGC) released the annual survey results of the central bank gold reserves. The survey was conducted from February to May with the participation of over 70 agencies.
As a result, officials still view gold as a key tool to prevent inflation, political geopolitical shocks, and monetary risks, even though precious metal prices have been significantly reduced recently due to Middle East warfare. The central banks have purchased an average of 1,000 tons of gold per year in the past four years - double the average of the previous decade.
Nearly 90% of the agency is involved in surveying the total gold reserves of global central banks rising in the next year. 45% expected to increase in its reserves.
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In addition, more and more central banks chose to store gold in the country, instead of popular locations such as UK or American. 9% of the banks have reported an increased rate of gold stored inland over the past 12 months. Meanwhile, 10% of the central bank said they varied the location of the gold deposits overseas.
Get out! The bar in a pit in Munich (German) of 1/2025. Image: Reuters
- And the bar in a basement in Munich (German) of 1/2025. Image: Reuters*
Analysts claim that recent geopolitical tensions are promoting this trend. The Russian - Ukrainian conflict and about $300 billion of Russia's foreign assets being sealed increased concern over access to reserves abroad during the political period.
"Presidently unable to access foreign property has prompted several central banks to bring gold back to the country since 2022", Giovanni Staunovo - journal analyst at UBS said on *CNBC. He said that gold often means symbolism is national property, creating additional incentives for water reserves.
Staunov says that the French Central Bank has recently reduced the level of involvement with the US by selling the gold held in this country and buying the equivalent amount in Europe.
"We expect the central banks to buy 750-1,000 tons of gold this year. This need may not be enough to pull the gold price up hard, but create a solid platform for the market and compensate for the weakness of the gold demand and investment", Staunov said.
WGC surveys also show that next year, 7% of the number of central banks was asked to increase the amount of gold stored in the country. 9% had diversified plans for locations stored overseas, rising over 2% of last year.
Dan Coatsworth - Market Director at AJ Bell Investments said the survey results reflected the efforts of central banks to reduce risk concentration, both on property and storage facilities. "And as well as other investments, need to be careful when scattering the risk and choosing the site of the property," he said.
Local Thu * (in CNBC, WGGC)
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