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Central Banks Eyeing Unprecedented Gold Acquisitions



**KEY TAKEAWAYS**


Central banks have significantly increased their gold reserves over the past two years due to macroeconomic and geopolitical concerns.


The World Gold Council's survey indicates that 29% of central banks plan to increase their gold reserves in the next 12 months, the highest percentage since the survey began in 2018.


Gold prices have reached record highs this year, as the metal is considered a "safe haven" during uncertain times.


**Central Banks Increase Gold Reserves Amid Economic and Political Concerns**


Macroeconomic pressures and geopolitical tensions are prompting central banks to accumulate gold. According to the World Gold Council, central banks added 1,037 tonnes of gold to their reserves last year, just below the record 1,082 tonnes added in 2022.


Interest in gold remains strong. The 2024 Central Bank Gold Reserves (CBGR) survey by the World Gold Council shows that 29% of respondents plan to increase their gold reserves in the next 12 months, marking the highest level of planned purchases since the survey's inception in 2018.


**Central Banks Aim for Strategic Gold Holdings**


The World Gold Council stated that the primary reasons for these planned purchases include a desire to rebalance to a more preferred strategic level of gold holdings, support domestic gold production, and address financial market concerns such as higher crisis risks and rising inflation.


The surge in central bank gold acquisitions has contributed to the soaring gold prices, which have set multiple records recently. Since March, the spot price per ounce has exceeded $2,100, $2,200, $2,300, and $2,400 for the first time. Last month, it reached an all-time high, and despite a slight decline, it remains above $2,300.


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