世界黄金协会39页重磅报告_2025年中央银行黄金储备调查（英）-2025_39页_2mb

Central banks have significantly increased their gold reserves in recent years, with an average of over 1,000 tons accumulated annually, driven by geopolitical and economic uncertainties. The 2025 Central Bank Gold Reserves Survey received a record 73 responses, emphasizing gold's enduring role in reserve management. Key findings include widespread expectation for gold reserves to grow over the next 12 months (95% of respondents), with reasons such as crisis performance, inflation hedging, and portfolio diversification. Gold's importance is rising as part of diversification strategies away from USD-dominated reserves, with a preference for physical gold in forms like Good Delivery bars. The Bank of England remains the top storage location, and active management of gold reserves increased to record levels. Emerging market central banks show higher interest in accumulating gold, reflecting concerns over inflation, trade conflicts, and global uncertainty. Overall, gold is viewed as a reliable store of value and strategic asset in an evolving international monetary system.