Executive SummaryFollowing a historical high level of central bankThese results come amidst a backdrop of ongoinggold buying,gold continues to be viewedgeopolitical tensions as the war in Ukraine continuesfavourably by central banks as a reserveand the ensuing macroeconomic fallout of prolongedinflation and tig hter monetary policy persists.Addingasset.According to the 2023 Central Bank Goldto these concerns is the banking sector crisis in theReserves(CBGR)survey,which was conductedUnited States and Europe which began in early 2023.between 7 February and 7 April 2023 with aThe rationale to increase gold holdings thereforetotal of 59 responses,24%of central bankscomes as no surprise since "interest rate levels","inflation concerns",and "geopolitical risks"continuerespondents intend to increase their goldto be the leading factors in central bankers'reservereserves in the next twelve months,in line withmanagement decisions as they were last year.last year's findings.The planned purchasesOn the other hand,"concerns over current or futureare chiefly motivated by increased buying ofpandemics"fell in relevance from last year as globaleconomies recovered from the COVID pandemic.domestic gold production,rebalancing to a"Digital currencies"also dropped in relevance frommore preferred strategic level of gold holdings,last year in the aftermath of major fallouts in theand financial market concerns includingdigital asset space(Chart 1).higher crisis risks and rising inflation(Q7a,page 22).Chart 1:What topics are relevant for your reserve management decisions?Select all that apply.12010080600■■GeopoliticalESGShifts inConcerns Technological Digital The rise of DemographicOtherrate levelsconcernsissuesover current innovationcurrenciespopulismchangesor futurepowerpandemics●2020●2021●2022●2023Base:All central banks (57),advanced economy (13),EMDE (44).2023 Central Bank Gold Reserves Survey 2