世界黄金协会：2023年中央银行黄金储备调查_36页_7mb

报告摘要

2023 Central Bank Gold Reserves Survey Summary

Executive Summary: The 2023 survey highlights continuing central bank interest in gold as a reserve asset amid ongoing geopolitical tensions, inflation, and banking crises. Key factors include interest rate levels, inflation concerns, and geopolitical risks, with EMDE central banks showing greater optimism for gold's role compared to advanced economies.
Key Findings: 24% of central banks plan to increase gold reserves in the next 12 months, primarily due to purchases of domestic gold, rebalancing to strategic levels, and financial market concerns. Overall, there is a slight increase in positive views on gold, with 71% expecting global reserves to rise, up from 61% in the previous year.
Divergence Between Advanced Economies and EMDE: Advanced economy central banks view the US dollar's dominance more positively, while EMDE central banks are less optimistic, expecting its share to decline. In contrast, EMDE central banks are more concerned about geopolitical risks and see gold as a better hedge, with higher plans for gold increases and support for de-dollarization policies.
Gold Attributes: The top reasons for holding gold include its historical position (77%), performance during crises (74%), long-term store of value/inflation hedge (74%), effective portfolio diversifier (70%), and no default risk (68%). Gold is also valued for its geopolitical diversification and lack of political risk in some regions.
Currency Views: Central banks expect a decline in the US dollar's reserve share and a rise for gold, with other currencies like the Euro and Renminbi also poised for increases. EMDE central banks expressed less confidence in the US dollar's supremacy, reinforcing their preference for gold.
Gold Management and Holdings: Most central banks hold gold separately from other reserves, citing it as a historical legacy asset (advanced economies) or strategic asset (EMDE). Good Delivery bars remain the dominant form of physical gold purchased and held, with a focus on domestic production in EMDE regions and spot pricing for acquisitions.
Overall Outlook: Despite economic uncertainties, gold demand remains robust, with central banks using it for hedging, diversification, and policy strategies, reflecting its role in a changing international monetary system.