World Gold Council/Gold Hub/5-30-2023

“Following a historical high level of central bank gold buying, gold continues to be viewed favourably by central banks. Our 2023 survey revealed that 24% of central banks intend to increase their holding reserves in the next 12 months. Furthermore, central banks’ views towards the future role of the US dollar were more pessimistic than in previous surveys. By contrast, their views towards gold’s future role grew more optimistic, with 62% saying that gold will have a greater share of total reserves compared to 46% last year.”

USAGOLD note: Many believe that central bank purchases are the chief reason for gold’s rise over the past year to central banks purchases. That being the case, World Gold Council’s finding in the survey bode well for the future.

Chart courtesy of World Gold Council • • • Click to enlarge