WGC Published 2023 Central Bank Gold Reserves Survey Results

SEATTLE (Scrap Monster): The World Gold Council (WGC) published results of recently conducted 2023 Central Bank Gold Reserves Survey.

The yellow metal continues to be viewed favourably by central banks, the survey said. As per survey, nearly 24% of central banks expressed their willingness to increase their holding reserves over the next one-year period. Also, the central banks’ views on future role of gold turned more optimistic, while those on future role of US dollar turned more pessimistic when compared with the prior survey.

Almost 50% of banks surveyed presume that the percentage of reserves in dollars in five years will range between 40% and 50%, while over 25% believe that it will remain unchanged. Meantime, majority of central banks expect marginal jump in the proportion of total gold-denominated reserves, which will mainly be driven by developing economies of the world.

Seven out of ten banks surveyed expect gold reserves to increase in the next 12-month period. This is significantly higher from the previous year survey. A good majority of respondents do not expect major change in institutional gold reserves over the next one year, more or less in line with the previous year’s survey results. Meantime, nearly one-fourth expect an increase, WGC noted.

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