The willingness of global central banks to purchase gold has reached a new high since 2018, and the pullback in gold prices is seen as a window for increasing holdings

According to a survey conducted by the World Gold Council and YouGov on 74 central banks, 45% of the surveyed central banks plan to increase their gold reserves in the next 12 months, reaching a new high since 2018, with only one central bank planning to reduce their holdings. 53% of emerging market and developing economies plan to increase their holdings, while the proportion of central banks in developed economies is 18%. Shaokai Fan stated that the price correction has provided an entry opportunity for some central banks. About half of the central banks planning to increase their holdings tend to purchase from their domestic mineral system, while 38% choose to sell other reserve assets for rebalancing.