Central banks around the world expect to increase their holdings of Gold in coming months, a move that could potentially boost prices.

The World Gold Council’s annual survey, which polled 70 central bankers, found 29% of them plan to raise their gold reserves over the next 12 months.

That’s the highest level since the annual survey began in 2018.

Last year, central banks added the second-highest amount of gold ever at 1,037 tons. In 2022, a record 1,082 tons of gold was purchased by central banks.

The World Gold Council said that the planned purchases among central banks are due to concerns about geopolitical instability and persistent inflation.

Earlier this year, the price of gold reached a record $2,439.98 U.S. per ounce. The rise has been driven in large part by central bank buying.

The latest World Gold Council report also found that nearly two-thirds (67%) of central bankers polled expect the U.S. dollar’s share of gold reserves to decline over the next five years.

Gold is currently trading at $2,331.50 U.S. per ounce.