The world’s central banks are not only increasing their gold holdings at record levels, but many are also taking a decisive step to bring their gold reserves physically closer to home. That’s one of the striking shifts captured in the World Gold Council’s 2025 Central Bank Gold Reserves Survey, released this month.
According to the report, 59% of central banks now store some portion of their gold reserves domestically, a significant rise from 41% just a year earlier. This trend reflects growing concerns over the safety and accessibility of reserves held abroad, particularly as financial sanctions, currency weaponisation, and global geopolitical tensions reshape the stability of international financial systems.
The survey suggests that for many reserve managers, physical control over gold holdings has taken on renewed urgency. “The gold storage shift reflects lessons learned from recent sanctions and financial system disruptions,” the report observes, noting that these operational choices are increasingly seen as a core part of national financial security strategies.
Gold, long viewed as a neutral reserve asset without counterparty risk, has re-emerged as a central pillar of reserve diversification as political uncertainties ripple through global markets. In addition to diversifying away from traditional reserve currencies, many central banks are reassessing the practical realities of where their gold is held, and how easily it can be accessed in times of systemic crisis.
This shift is not purely symbolic. Several central banks in emerging markets have launched domestic gold purchase programs, using local gold production, including artisanal mining, to strengthen in-country reserves and reduce reliance on foreign storage hubs. While London remains the primary storage location for many institutions, the increase in domestic holdings signals a growing desire for physical sovereignty over strategic financial assets.
Beyond storage location, the survey also highlights a broader change in gold reserve management. A growing share of central banks, 44% this year, are actively managing their gold positions, reflecting a more sophisticated approach to reserve management that blends strategic accumulation with operational flexibility.
With central bank gold buying already at historic highs, exceeding 1,000 tonnes annually for three consecutive years, this evolving approach to both accumulation and storage signals how deeply the financial landscape has shifted since the pandemic, and how central banks are recalibrating their strategies for a world marked by fragmentation and heightened systemic risk.
The World Gold Council’s survey findings suggest that for an increasing number of nations, owning gold is no longer enough; where that gold sits may prove just as important in the next financial crisis.
