Following a historic high level of reserve bank gold purchasing, gold continues to be seen positively by reserve banks. Our 2023 study exposed that 24% of reserve banks mean to increase their holding reserves in the next 12 months. In addition, reserve banks’ views towards the future function of the United States dollar were more cynical than in previous studies. By contrast, their views towards gold’s future function grew more positive, with 62% stating that gold will have a higher share of overall reserves compared to 46% in 2015.

Half of reserve banks surveyed think the portion of reserves in USD in 5 years will be in between 40-50%, while simply over a quarter think it will stay the same

CB Study 2023: Q2a

What percentage of overall reserves (forex and gold) do you believe will be denominated in
United States dollars 5 years from now?

Base: All reserve banks (57 ), Advanced economy (13 ), EMDE (44 ).

A bulk of reserve banks anticipate a minor boost in the percentage of overall reserves being denominated in gold over the next 5 years, with establishing economies mainly driving this view

CB Study 2023: Q2d

What percentage of overall reserves (forex and gold) do you believe will be denominated in
gold 5 years from now?

Base: All reserve banks (57 ), Advanced economy (13 ), EMDE (44 ).

Historic position stays the most appropriate consider organizational choices to hold gold

CB Study 2023: Q4

7 in 10 reserve banks surveyed think that gold reserves will increase in the next 12 months. This is a 10-point boost from in 2015

CB Study 2023: Q5

Base: All reserve banks (57 ), Advanced economy (13 ), EMDE (44 )

” Do not understand” was eliminated as a choice in this year’s study.

Comparable to in 2015, a strong bulk of participants do not anticipate the level of gold reserves in their organization to alter over the next year. Around a quarter prepare for a boost

CB Study 2023: Q6