For the first time since 1996, central banks around the world are holding more gold than US government bonds, marking an important turning point in the global foreign exchange reserve structure.
According to data released in May 2025, the total amount of gold held by central banks has reached 36,344 tons. In just the past 5 years, the buying trend of gold by central banks has increased sharply, completely opposite to the previous period when they only bought an average of 400-500 tons per year.
The World Gold Council (WGC) said that in 2022, global central banks will buy 1,082 tons of gold. This figure increased to 1,037 tons in 2023 and set a record of 1,180 tons in 2024.
This change makes gold the second largest reserve asset in the central banking system, accounting for 20% of total foreign exchange reserves - surpassing the euro (16%) and only behind the USD (46%).
Although demand for gold is showing signs of a slight decrease in 2025 - buying 244 tons in the first quarter and 166 tons in the second quarter - experts from the consulting and research firm on the precious metals market Metals Focus (UK) predict that by the end of the year, central banks will still collect about 1,000 tons of gold, down only 8% compared to 2024.
The WGC survey also shows that 43% of central banks plan to continue increasing gold reserves in the next 12 months.
According to experts, the main reason lies in the gradual weakening of the USD as the world's number 1 reserve currency. Record-high US public debt, geopolitical tensions and global economic instability are making many countries look to gold as a "safe haven".
The International Monetary Fund (IMF) said that although the USD still dominates the global financial system, the influence of the greenback is declining over time, and gold has emerged as a more reliable alternative in the context of instability.
This is probably one of the biggest rebalancing of the global financial system in recent decades, commented Tavi Costa, macro strategist at Crescat Capital investment management company (USA).
Gold prices have been rising sharply in recent days. At the end of the trading session of the week, the world gold price was listed at 3,446.5 USD/ounce, up 76.2 USD/ounce compared to the closing price of the previous trading session.
On August 31, the domestic price of SJC gold bars was listed by large enterprises such as PNJ, SJC, DOJI at 129.1 million VND/tael for buying and 130.6 million VND/tael for selling.
The price of gold rings at SJC is 122.5 - 125.0 million VND/tael (buy - sell), at DOJI is 122.5 - 125.5 million VND/tael (buy - sell).
