Banxico's gold reserves are approaching $11 billion.

For the first time since gold was incorporated into the Bank of Mexico's (Banxico) international reserves, its value is on the verge of reaching $11 billion. Twenty-five years ago, when the central bank began acquiring this precious metal, its reserves totaled just $66.6 million.

According to the most recent data, gold reserves amounted to $10.96 billion at the end of February 2025, compared to $10.91 billion at the end of 2024. This figure represents nearly 4% of total international reserves, which continued to grow, reaching $237.983 billion as of April 11, marking a new all-time high.

Banxico currently holds 3.87 million troy ounces of fine gold. However, the impact of this accumulation in the first quarter of the year remains to be determined, especially given the 19% increase in the price of gold during that period.

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The strengthening of this gold reserve has been driven by growing international demand for the metal, motivated in part by the uncertainty generated by the tariff policies of former US President Donald Trump.

According to the World Gold Council, the price of the metal reached new highs in February, driven by the depreciation of the US dollar. This increase is explained by persistent global risk aversion, the weakness of the greenback, and international economic uncertainty.

According to Allianz , The dollar has depreciated 10% since Trump took office, primarily due to the distrust generated by his political decisions and his attacks on the independence of the Federal Reserve (Fed).

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For the International Monetary Fund (IMF), international reserves are external assets under the control of central banks, immediately available to address balance of payments imbalances, stabilize the exchange rate, and strengthen confidence in the national economy.

In Mexico, these reserves are not part of the public treasury, as the Constitution prohibits using them to pay domestic debt. Instead, they operate as a financial shield against external shocks.

According to Banxico, the majority of reserves are held in US dollars, which represent more than 80% of the portfolio.

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AO