Global central banks bought a net 20t in May based on reported data, close to but still below the 12-month average of 27t (Chart 1).1 Fresh tensions in the Middle East may have reinforced the strategic appeal of gold for central banks looking to safeguard reserves against geopolitical shocks. This continued interest in gold was also highlighted in our recently released Central Bank Gold Reserves Survey 2025. Gold remains a focus for central banks worldwide with 95% of respondents believing that official gold reserves will continue to increase, up from 81% last year. A record 43% of central bankers also indicated that ... (full story)