gold.orgCentralBankGoldReservesSurveyJune2025gold.orgExecutiveSummaryCentralbankshaveaccumulatedover1,000tofgoldineachofthelastthreeyears,upsignificantlyfromthe400-500taverageovertheprecedingdecade.1Thismarkedaccelerationinthepaceofaccumulationhasoccurredagainstabackdropofgeopoliticalandeconomicuncertainty,whichhascloudedtheoutlookforreservemanagersandinvestorsalikeOur2025CentralBankGoldReserves(CBGR)survey,conductedbetween25Februaryand20May,helpsusshinealightonthecontinuedimportanceofgoldreservemanagementinthesechallengingtimes.Thisyearwesetanewbenchmark,drawingin73responses2–thehighestsinceoursurveycommencedeightyearsago.Thesampleishighlyrepresentative...
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