This graphic highlights data from the 2024 In Gold We Trust Report, showcasing central bank gold purchases from 2010 to 2023. The report provides insight into the growing demand for gold, particularly among emerging markets, and the shifting global economic landscape that drives this trend.
Since the 2007-2008 financial crisis, central banks, especially in emerging markets, have increasingly turned to gold. Countries like China, Russia, and Türkiye have led the way, driven by distrust in the US dollar and concerns about the global financial system. Since 2010, emerging markets have added over 3,200 tonnes of gold.
A 2023 survey shows 59% of central banks plan to further increase their gold reserves, motivated by domestic production, strategic adjustments, and financial concerns like inflation. While the US holds the most gold, emerging markets are quickly catching up.
Country | Tonnes Gold |
Russia | 1684 |
China | 1181 |
Turkey | 424 |
Poland | 256 |
India | 246 |
Kazakhstan | 224 |
Thailand | 160 |
Iraq | 133 |
Mexico | 112 |
Singapore | 103 |
Source: World Gold Council, Incrementum AG