Central Banks Boost Gold Reserves to 14.7% of Total in 2023 Amid Global Uncertainty

Oct 17, 2024, 09:48 PM

Central banks around the world have been increasing their gold reserves significantly, driven by geopolitical tensions and economic uncertainty. Uzbekistan's gold reserves have grown to 373 tons in 2024, making up almost 80% of its total international assets. Türkiye has also expanded its gold reserves from 116 metric tons to over 584 tons in the past decade. China has added over 1,200 metric tons of gold in the last ten years, although it has paused new purchases recently due to rising gold prices. Russia has added more than 1,200 tons of gold to its reserves over the past decade, with a strategic move to peg its currency, the ruble, to gold. Meanwhile, the share of gold in central bank reserves globally hit 14.7% in 2023, the highest level in over 20 years.