Global Central Banks Flock to Gold as Economic Uncertainty Grows

Central banks around the world are quietly buying more gold as a hedge against economic uncertainty and inflation, according to a new World Gold Council survey.

The survey found that 89% of central banks expect global gold reserves to grow over the next year, with 45% planning to add to their own holdings.

Central banks are looking to diversify their reserves and protect against inflation, geopolitical uncertainty, and economic turmoil, said David Cavatoni, a World Gold Council spokesperson.

The U.S. dollar's share of global reserves is expected to decrease over the next five years, while gold's share is expected to increase, according to the survey.