World Gold Council Survey: More Central Banks Plan to Increase Gold Reserves

Goldmoney reports that on June 16th, the World Gold Council (WGC) stated that among the central banks surveyed by the association, 45% expect to increase their gold holdings in the next 12 months, up 2 percentage points from a year ago.
In the annual survey conducted by the WGC from February 5th to May 19th, 54% of the 74 central banks indicated their gold holdings would remain unchanged, while 1% expected their gold holdings to decrease.
Most responses were received in late February after the outbreak of Middle East conflicts, which triggered oil price increases and led to a decline in gold prices.
The WGC global central bank head said that central banks around the world remain enthusiastic about gold, and recent declines in gold prices have not changed their views.
Additionally, the WGC stated that 93% of respondents already hold gold, up from 81% a year earlier.
Among the many reasons for holding gold, as many as 90% of respondents said gold performs well during crises.
Other main reasons include long-term value storage and portfolio diversification.
Respondents from emerging markets and developing economies (85%) place greater emphasis on gold as a hedge against geopolitical risks.
As some central banks continue to shift their gold reserves, 9% of respondents said they increased their domestic gold reserves in the past 12 months, up from 5% last year;
10% said they diversified their overseas gold reserve locations, up from 2% last year.
In the next 12 months, 7% of central banks plan to increase domestic storage, and 9% plan to diversify their overseas storage locations.
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