Gold reserves have gained approx. €460 billion in value in 2024

The gold rally has thus far led to a significant increase in the value of global gold reserves this year: the nearly 36,000 tonnes of gold stored in the vaults of central banks have gained around €460 billion in value due to the more than 18 per cent increase in the price of the precious metal. In recent years, gold purchases by central banks have repeatedly reached new record highs; gold reserves have been continuously expanded over the past 14 years. In doing so, central banks intend to hedge against US dollar currency fluctuations and strive for independence from the US global currency.

Fed and Deutsche Bundesbank benefited most from the gold rally

According to the World Gold Council, the US Federal Reserve has by far the largest gold reserves in the world, amounting to some 8,130 tonnes. Their value has risen by €103.9 billion since the beginning of the year. At 3,350 tonnes, the Bundesbank keeps the second-highest gold reserves in its vaults, with an increase in value of €42.8 billion. The International Monetary Fund and the central banks of Italy and France have also recorded high appreciations, and the People’s Bank of China, which has made the largest gold purchases in recent years, is also benefiting from the current gold rally, with an €28.5 billion increase.

Gold holdings in ETFs and ETCs are now worth almost €40 billion more

According to the latest data from the World Gold Council, holdings managed in gold funds and gold-backed ETCs worldwide amount to 3,112 tonnes. The worldwide holdings have increased in value by €39.77 billion since the beginning of the year, of which €17.3 billion is attributable to gold-backed ETFs/ETCs in Europe alone. The value of the almost 176 tonnes of gold, which are managed to hedge the issued shares of Xetra-Gold, has risen by €2.2 billion so far this year and now amounts to roughly €12.5 billion.