Rhona O’Connell, Head of Market Analysis for EMEA & Asia at StoneX, shares insights from the World Gold Council’s 2025 survey of central bank reserve managers.
O’Connell opens by noting the strong response rate: 74 central banks participated. Encouraging for gold bulls, more than 90% of respondents expected total global reserves to increase. Within that, 48% of emerging-market respondents plan to increase their own reserves, compared to 18% of those from advanced economies. While lower, the latter figure remains notable.
The report cites four main reasons for holding gold: store of value, performance during crises, diversification, and historical holdings. O’Connell highlights that historical holdings play a significant role, particularly among countries once on the gold standard.
Using IMF data from late December 2024, O’Connell explains that gold makes up about 18% of combined gold and foreign exchange reserves globally. However, this figure is skewed by former gold-standard countries with high holdings, such as the U.S. and various Western European nations. Excluding these, the figure drops to around 8%, aligning more closely with institutional portfolio norms.
The survey also touches on reserve management more broadly, identifying economics and geopolitics as major influences. Interest rates and historical performance during crises are especially important. On the currency front, over 80% of central banks expect the U.S. dollar to lose relative prominence over the next five years, while 62% anticipate greater influence from China’s renminbi.
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---- Gus Farrow
---- Expert: Rhona O'Connell, StoneX Head of Market Analysts, EMEA & Asia
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