Central banks signal record appetite for gold
A new survey from the World Gold Council shows that 45% of 74 central banks surveyed plan to increase their gold reserves over the next 12 months, marking the highest level ever recorded in the study. That figure is well above the 29% reported in 2024. In addition, 81% of respondents expect global official gold reserves to continue rising through 2025.
Recent buying data supports that outlook. Central banks purchased a combined 1,037 tons of gold in 2024, making it the second-highest annual total on record after 1,082 tons in 2023. According to the report, the main drivers include growing geopolitical risk, the need to hedge inflation, and efforts by some institutions to reduce dependence on the US dollar.
Bitcoin is also entering the institutional conversation
The report says the shift toward hard assets is not limited to physical gold. It is also helping strengthen institutional interest in Bitcoin, which some investors increasingly view as a digital store-of-value alternative to gold. A major example is BlackRock’s iShares Bitcoin Trust, which reached $52.6 billion in assets under management as of April 24, 2025, rising to the top tier of spot Bitcoin ETFs in less than 15 months.
Rather than framing gold and Bitcoin as direct substitutes, the report suggests they may play complementary roles in institutional portfolios because of their different risk and return profiles. That view reflects a broader reassessment of how traditional safe-haven assets and digital assets can coexist in reserve and diversification strategies.
Tokenized gold products could benefit
The World Gold Council also points to growing interest in blockchain-based gold exposure. Tokenized products such as Paxos Gold (PAXG) and Tether Gold may benefit as institutions look for more flexible ways to hold and transfer value. These products offer round-the-clock market access and on-chain transfer functionality, while exchanges, custodians, and asset managers could see rising demand for hybrid products that combine gold and crypto exposure.
Regulation remains a major differentiator. Under Basel III, gold carries a 0% risk weighting, while crypto assets face higher capital requirements. That gap could shape how quickly digital assets gain broader acceptance inside institutional portfolios, even as interest in Bitcoin and tokenized real-world assets continues to build.
Overall, the survey suggests that central banks are sticking with gold as a core reserve asset while institutions also explore newer financial technologies such as blockchain and tokenization. The parallel rise of gold, Bitcoin, and tokenized asset products shows that traditional defensive positioning and digital financial innovation are increasingly developing side by side.