Global central banks own about 17 percent of all the gold ever mined, with reserves topping 36,699 metric tons (MT) at the end of 2023. They acquired the vast majority after becoming net buyers of the metal in 2010.

Gold pushed up to another record high after President Trump unveiled plans to impose reciprocal tariffs on countries taxing U.S. imports, ramping up prospects of a global trade war.

Gold futures were rising close to record highs on safe-haven and central bank demand. Futures rose 0.7% to $2,948.40 a troy ounce, close to the record $2,968.50 a troy ounce set during Tuesday's session.

Gold demand followed prices higher and set a new record in 2024, driven by robust central bank gold buying and surging investment demand primarily centered in the East.

Central banks stormed back into the gold market in the final three months of last year, playing a key role in the metal hitting an all-time high.