Overview

• In 2024, central banks added over 1,000 tonnes of gold—their highest annual haul in decades, twice the ten-year average.
• Gold’s share of global foreign reserves has climbed to about 20 percent, surpassing the euro’s 16 percent stake.
• Total official gold reserves approached 36,000 tonnes last year, just shy of the mid-1960s peak of 38,000 tonnes.
• Purchases have been driven by concerns over geopolitical tensions following Russia’s invasion of Ukraine, coupled with the emergence of non-dollar payment platforms.
• ECB economists warn that slowing purchase momentum signals a shift in reserve strategy; they urge measures to bolster the euro’s reliability as a store of value.