In a year marked by intensifying geopolitical frictions and persistent economic instability, gold is back at the heart of official reserve management, with Asia’s central banks strong players in this strategic pivot, according to a recent survey.

A near-unanimous 95% of respondents to the Central Bank Gold Reserves ( CBGR ) survey by the World Gold Council ( WGC ), which gathered responses from a record 73 central banks, reveals a clear message: expect global official gold reserves to rise over the next 12 months, marking an all-time high.

Critically, 43% of central banks anticipate increasing their own gold holdings, with a notable tilt towards emerging market and developing economy ( EMDE ) institutions, particularly across Asia.

While the headline figures underscore a global trend, the underlying regional dynamics are more telling. Nearly half ( 48% ) of EMDE respondents, including several Asian central banks, plan to expand their gold holdings within the year, a stark contrast to just 21% of their advanced economy peers.

US dollar dilution

The contrast underscores Asia’s evolving reserve management culture, increasingly shaped by inflation anxiety, trade risks and a desire to diversify away from US dollar-dominated assets.

“Nearly half of the central bank respondents intend to increase their own gold holdings in the coming year,” says Shaokai Fan, the WGC’s global head of central banks and head of Asia-Pacific ( ex-China ). “This is remarkable, especially considering how many record-high prices we’ve hit so far in 2025. It reflects how gold remains a strategic asset in times of uncertainty.”

There is a growing inclination, the survey’s data show, to reduce reliance on the US dollar. A substantial 73% of respondents foresee the dollar’s share in global reserves diminishing within five years. Concurrently, gold, alongside the euro and renminbi, is expected to claim a larger role.

Operationally, the survey revealed a significant rise in domestic gold storage, with 59% of respondents now storing at least some of their gold reserves locally, up from 41% in 2024.

While the Bank of England remains the top vaulting site globally, this rise in domestic storage aligns with broader sovereignty and security considerations emerging across Asia.

Gold’s enduring appeal, according to the WGC, is underpinned by its performance during crises, role as a long-term store of value, and lack of default or political risk – factors rated as highly relevant by over 80% of EMDE respondents.

These sentiments are especially resonant in Asia, where macroeconomic turbulence and currency volatility have revived interest in gold as a stabilizing force.

As central banks in Asia and beyond recalibrate their reserve strategies, the survey notes, a clear reality has emerged – gold is not just a relic, it is a rising pillar of monetary resilience.