Gold survey shows central-bank buying bonanza to last

Central banks are purported to now account for about a quarter of total Gold purchases, and demand from the sector is likely to remain strong in 2024, according to a survey by the World Gold Council, published on Tuesday. 

The WGC’s “2024 Central Banks Gold Reserves Survey” results showed that 81% of respondents expected overall central-bank Gold reserves to increase in 2024, 19% for them to remain the same, and none to fall. 

This was higher than the 2023 survey results, which showed 71% expected overall central bank reserves to increase, against 28% that they would remain unchanged and 1% that they would fall.

It was the highest percentage of respondents who expected reserves to increase since the WGC first started the survey in 2019. 

When asked whether they expected their central bank specifically to increase its Gold reserves in 2024, 29% said they thought it would, 68% thought it would remain unchanged and only 3% expected it to fall. This was also the highest percentage of affirmations for the question since the survey began. 

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