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The World Gold Council (WGC) has released its 2026 Central Bank Gold Reserves Survey, revealing that a record 45% of central banks intend to increase their gold holdings this year. This marks the highest percentage since the survey began in 2018, surpassing last year's 43% and signaling an unprecedented shift in global reserve management. Conducted in collaboration with YouGov among 76 central bank respondents, the survey underscores gold's growing role as a strategic monetary asset amid geopolitical uncertainty and de-dollarization trends.
Key Findings from the 2026 Survey
The survey, conducted between February and May 2026, found that 89% of reserve managers expect global central bank gold holdings to rise over the next 12 months. Notably, none of the respondents indicated plans to reduce their gold reserves. Central banks in emerging markets continue to lead the charge, but interest is broadening: 18% of advanced-economy central banks also plan to add gold, up from previous years.
Top motivations for holding gold include:
- Reserve diversification (cited by 91% of buying banks)
- Gold's performance during crises (record 90% cited this)
- Inflation hedging (78%)
- Concerns over reserve-currency economies (65%)
The survey also revealed that 73% of respondents expect the U.S. dollar's share of global reserves to decline over the next five years, with gold and other currencies like the euro and renminbi filling the gap. Active gold reserve management rose from 37% in 2024 to 44% in 2025, with risk management becoming a key driver.
Major Central Bank Buyers in 2025-2026
Central banks purchased over 1,000 tonnes of gold annually for three consecutive years (2022-2024). In 2025, net purchases totaled 863 tonnes, still well above the 2010-2021 annual average of 473 tonnes. The National Bank of Poland gold purchases led the way, adding 102 tonnes to reach 550 tonnes total, with a target of 700 tonnes. Other major buyers included:
- National Bank of Kazakhstan: +57 tonnes
- Central Bank of Brazil: +43 tonnes (re-entering after 2021)
- People's Bank of China: +27 tonnes (total now 2,307 tonnes)
- Central Bank of Turkey: +26 tonnes
- SOFAZ (Azerbaijan): +38 tonnes
Notably, unreported buying accounted for 57% of the annual total, suggesting actual accumulation may be significantly higher. On the selling side, Singapore reduced holdings by 26.5 tonnes to capitalize on elevated prices for portfolio rebalancing.
Gold Price Surge and Market Impact
Gold prices have surged to record levels, driven by sustained central bank buying and safe-haven demand. In 2025, gold gained 64% — its largest annual increase since 1979 — and climbed above $5,100 per troy ounce in early 2026. As of mid-2026, spot gold trades around $4,800 per ounce, with analysts at Goldman Sachs, ICBC Standard Bank, and MKS PAMP forecasting prices between $4,900 and $7,150.
The rally has been fueled by multiple factors: central bank buying well above long-term averages, a weakening U.S. dollar, geopolitical tensions (including trade wars and conflicts in the Middle East and Ukraine), and record ETF inflows. Investment demand surged 84% year-on-year in 2025, while Chinese gold ETFs saw record quarterly inflows.
Geopolitical Drivers and De-Dollarization
The survey highlights a strategic shift in reserve management. Central banks are increasingly storing gold domestically — now 9% of reserves versus 5% a year earlier — and spreading reserves across multiple locations for risk mitigation. Political factors, including sanctions and geopolitical flashpoints, play a determining role. The de-dollarization trend among central banks is accelerating, with 73% of respondents expecting lower U.S. dollar holdings over five years.
"Central banks are re-evaluating their reserve strategies in light of geopolitical uncertainty and the changing global monetary landscape," said a WGC spokesperson. "Gold's performance during crises and its role as a portfolio diversifier make it an increasingly attractive asset."
The impact of sanctions on Russian gold reserves has also reshaped central bank thinking. Russia began selling physical gold from its National Wealth Fund in late 2025, while other nations accelerated purchases.
Outlook for Gold and Central Bank Demand
Looking ahead, persistent economic and geopolitical uncertainty is expected to sustain central bank demand for gold into 2027. The WGC notes that the broadening of buyer interest — from emerging markets to advanced economies — suggests a structural shift rather than a cyclical trend. Key risks include a potential reversal in central bank buying behavior, which could remove foundational price support, and the impact of high prices on retail jewelry demand.
However, with gold recently surpassing U.S. Treasuries as the world's largest reserve asset by some measures, and with a record number of central banks planning to expand their gold holdings, the momentum appears firmly entrenched.
Frequently Asked Questions
What is the World Gold Council Central Bank Survey?
The WGC Central Bank Gold Reserves Survey is an annual survey of central bank reserve managers that tracks their gold holdings, purchasing intentions, and views on gold as a reserve asset. The 2026 survey drew a record 76 responses.
Why are central banks buying so much gold?
Central banks are buying gold primarily for reserve diversification, protection during crises, inflation hedging, and as a hedge against U.S. dollar decline. Geopolitical tensions and sanctions have also accelerated the trend.
How much gold did central banks buy in 2025?
Central banks purchased 863 tonnes of gold in 2025, down from over 1,000 tonnes in each of the prior three years but still well above the historical average of 473 tonnes.
What is the current gold price?
As of mid-2026, gold trades around $4,800-$5,100 per troy ounce, up from approximately $2,000 in early 2024. The price has more than doubled in three years.
Which countries hold the most gold reserves?
The United States holds the largest gold reserves (over 8,100 tonnes), followed by Germany (3,355 tonnes), the IMF (2,814 tonnes), Italy (2,452 tonnes), France (2,436 tonnes), China (2,307 tonnes), and Russia (2,333 tonnes).
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