2025年全球央行黄金储备调查报告（英）_39页_2mb

报告摘要

Key Highlights:

Increased Gold Accumulation: Global central banks accumulated over 1,000t of gold annually, double the average of the preceding decade, driven by geopolitical risks, inflation concerns, and USD de-dollarization trends.
Record Participation: 73 responses (highest since 2017) validated heightened engagement in gold reserves management amid uncertainty.
Gold Reserves Trend: 43% of respondents (43% record high) expect their reserves to increase over the next 12 months, with emerging market central banks (EMDE) showing stronger gold-buying intent (≈50% vs. 20% in advanced economies).

Drivers for Gold Demand:

Crucial Roles: Gold is seen as an effective portfolio diversifier (85% relevance), store of value (80%), and crisis hedge (85%).
Geopolitical & Economic Uncertainty: Rising trade conflicts/tariffs (59% relevance marked by EMDE) and global polarization are key concerns.
Dollar Decline: 73% of all central banks foresee a lower USD share in reserves over the next five years, reflecting diversification toward gold, renminbi, and euros.

Gold Management & Storage:

Separate Management: 75% manage gold separately from other reserves, primarily due to its strategic role and accounting differences.
Storage Locations: The Bank of England remains the top vaulting choice (64%), while domestic storage rose to 59%.
Physical Gold Forms: London Good Delivery Bars dominate purchases (56% of all respondents), though EMDE also use doré bars/currency-specific programs.

Strategic Considerations:

EMDE central banks are more aggressive in gold accumulation compared to advanced economies, increasing gold’s share in reserves to potentially 20–25% by 2029–2030.
28% of institutions are establishing or refinancing domestic gold programs, with L

展开完整摘要