International News
WGC REPORT Central banks expect official sector gold holdings to increase against a backdrop of geopolitical and economic uncertainty.
More than nine in ten (95%) reserve managers indicated that they expect central banks to continue increasing their gold holdings in the next 12 months, according to new 2025 data released by the World Gold Council today.1 This is a record high since it was first tracked in the 2019 survey and represents a 17% increase from the 2024 findings.
The 2025 Central Banks Gold Reserves (CBGR) survey, which collected data from a record 73 of the world’s central banks, also finds that nearly 43% of central banks plan to add to their own gold reserves within the next year. Reserve managers’ favourable view of gold persists even in the face of record-high gold prices2 and 15 successive years of central bank gold buying.
Gold continues to be used as a safe-haven asset to help mitigate risks as ongoing economic and geopolitical uncertainty continues to weigh on reserve managers. The top three current motivations for holding the asset have shifted to its long-term store of value (80%), its role as an effective portfolio diversifier (81%), and its performance in times of crisis (85%).
Central banks in emerging markets and developing economies (EMDE) have once again maintained their positive outlook for gold’s future share in reserve portfolios. Notably, 28 out of 58 (48%) EMDE respondents thought that their own gold reserves would increase in the next 12 months, compared to 3 out of 14 (21%) of advanced economy respondents, more than last year. Although interest rate levels remained a key component of both groups’ motivators for holding gold, inflation (84%) and the geopolitical situation (81%) were top of mind for EMDEs, while 67% and 60% of advanced economy respondents felt the same.
Notably, more central banks are increasingly storing gold domestically: 59% said they have gold in domestic storage, up from 41% in 2024. Additionally, most respondents (73%)
see moderately or significantly lower US dollar holdings within global reserves over the next five years. However, respondents also believe that other currencies, such as the euro and renminbi, as well as gold, will increase their share over the same period.
Shaokai Fan, Global Head of Central Banks & Head of Asia-Pacific (ex-China), commented:
“After eight years of conducting this survey, we have reached an important milestone: nearly half of the central bank respondents intend to increase their own gold holdings in the coming year. This is remarkable, especially considering how many record-high prices we’ve hit so far in 2025. Notably, this reflects the current global financial and geopolitical environments. Gold remains a strategic asset as the world faces uncertainty and tumult. Central banks are concerned about interest rates, inflation, and instability – all reasons to turn to gold to mitigate risk.”
Gold prices in India saw a modest rise on Wednesday today Oct 15, mirroring an uptick in international markets as renewed US-China trade tensions and expectations of further US interest rate cuts bolstered demand for safe-haven assets.24k gold traded at Rs.1,28,360/10gm after gaining ₹10 in early trade, while silver prices increased by Rs.100 to Rs.1,89,100 per kilogram.
Gold prices surged to a record high of $4,179.48 per ounce on October 14, 2025. Investors flocked to safe-haven metals amid trade tensions and Fed rate-cut expectations. U.S. December gold futures jumped 57% year-to-date. Bank of America raised its 2026 gold forecast to $5,000 per ounce, warning of possible near-term corrections.
Gold prices soared to an unprecedented $4,179.48 per ounce on October 14, 2025, marking a historic milestone for the yellow metal. The rally comes as investors worldwide seek safety in hard assets amid a turbulent global economic backdrop marked by escalating trade tensions, slowing growth, and expectations of further interest rate cuts by the U.S. Federal Reserve.
The sharp surge in bullion prices has been driven by a combination of macroeconomic uncertainty and aggressive monetary easing. As inflation pressures remain sticky and central banks pivot toward dovish policies, gold has reasserted its role as a hedge against both currency debasement and market volatility.
In futures trading, U.S. December gold contracts have skyrocketed nearly 57% so far this year, underscoring the strength of investor demand across both institutional and retail segments. Analysts note that central bank buying—particularly from emerging markets—has added further momentum to the rally, with several countries diversifying reserves away from the U.S. dollar.
Reflecting this bullish sentiment, Bank of America has raised its 2026 gold price forecast to $5,000 per ounce, citing continued monetary easing, geopolitical instability, and robust central bank accumulation. However, the bank also cautioned that short-term corrections are likely, given the rapid pace of the recent run-up and potential bouts of profit-taking.
Overall, gold’s meteoric rise underscores a broader shift toward safe-haven assets, as investors navigate a world increasingly defined by economic fragmentation, shifting interest rate cycles, and persistent geopolitical risks.
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