Gold is an important part of central banks’ foreign exchange (FX) reserves. According to the International Monetary Fund (IMF), at the end of H1 2018 central banks collectively owned US$1.36tn of gold, around 10% of global FX reserves.
And central banks are an important part of the gold market: in H1 2018 they accounted for 10% of demand. Looking ahead, we expect central bank demand to remain buoyant. Diversification will continue to be an important driver of demand, as will the transition to a multipolar currency reserves system over the coming years.
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