The latest gold reserves survey by the World Gold Council shows that central banks are less optimistic about the future role of the U.S. dollar while their confidence in gold has risen. “There was basically a lot more pessimism about the U.S. dollar and a lot more optimism for gold,” said the council’s director of Central Banks and Public Policy.
Central Banks’ Confidence in US Dollar Drops
The World Gold Council (WGC) published the results of its 2023 Central Bank Gold Reserves Survey Tuesday.
“Following a historical high level of central bank gold buying, gold continues to be viewed favorably by central banks,” the gold industry body described, adding that 24% of central banks surveyed intend to increase their gold reserves holdings in the next 12 months. Last year, central banks bought a record 1,136 tons of gold. In contrast, the council noted:
Central banks’ views towards the future role of the U.S. dollar were more pessimistic than in previous surveys.
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