Some 89 per cent of reserve managers expect global central bank gold holdings to continue increasing over the next 12 months, with the precious metal recently overtaking US government bonds as the top reserve asset.
The World Gold Council’s Central Bank Gold Reserves Survey 2026 highlights a marked acceleration in the pace of accumulation, set against a backdrop of geopolitical and economic uncertainty that has clouded the outlook for reserve managers.
Shaokai Fan, global head of central banks & head of Asia-Pacific (ex-China), said this year’s survey sends a clear message about the appetite for gold.
“Central bank demand for gold remains on an upward trajectory. A record number of respondents plan to add gold to their own reserves in the next year, while a large majority expect global official sector holdings to keep rising,” Fan said.
“What stands out is the shift in how central banks think about gold. Fewer see it as a legacy holding; more see it as an active, strategic allocation in an environment defined by geopolitical uncertainty and reserve diversification.”
Central banks have accumulated an average of 1,000 tonnes of gold over the past four years, twice the average annual amount seen in the preceding decade.
“Central banks remain very positive on gold, highlighting its significance amid a volatile geopolitical and economic environment,” the report said.
“Our findings highlight that gold sentiment within the central banking community remains upbeat.
Expectations point to continued gold buying over the next 12 months, reflecting sustained confidence in gold’s strategic role amid evolving geopolitical and macroeconomic dynamics.”
A record 45 per cent of respondents expect their own gold reserves will increase over the next 12 months.
“While there are divergences between advanced economy and emerging market/developed economies (EMDE) central banks in some aspects, they share a common confidence in gold’s role as a reliable store of wealth and a key component in their long-term reserve management strategies,” the report said.
According to the survey, gold’s performance during times of crisis, portfolio diversification and inflation hedging are among the key factors driving central banks’ decision to hold the metal.
Additionally, gold’s role as a geopolitical risk hedge and as part of broader reserve diversification strategies continues to support increased allocations.
Concerns over interest rates, the inflation outlook and geopolitical uncertainty underscore that diversification and risk mitigation remain central to strategic reserve management decisions.
While gold holdings are expected to increase, 74 per cent of respondents expect moderate or significantly lower US dollar holdings within global reserves over the next five years. However, they anticipate that the share of other currencies, such as the euro and renminbi, will remain broadly unchanged over the same period.
There was a notable increase in changes to vaulting locations observed in this year’s survey, with nine per cent saying they have increased domestic storage and 10 per cent saying they have diversified overseas storage locations in the past 12 months. This compares with 5 per cent and 2 per cent respectively in last year’s survey.
This trend is expected to continue, with 7 per cent planning to increase domestic storage and 9 per cent planning to diversify overseas locations in the coming year.
Survey respondents predominantly manage gold as a separate reserve asset, while the preferred option when buying and holding physical gold is London Good Delivery bars.
The Bank of England remains the most popular vaulting location among respondents at 57 per cent, though central banks continue to diversify their storage across multiple locations.
“As the world becomes increasingly volatile and unpredictable, gold’s safety, liquidity and return
characteristics – the three key investment objectives for central banks – have risen in importance,” the report said.
“The trends uncovered in our survey suggest that central banks continue to recognise the benefits of an allocation to gold and indicate that their demand for gold will likely remain healthy into the foreseeable future.”
