The World Gold Council's 2026 Central Bank Gold Reserves Survey, published Tuesday, found that a record 45% of central banks expect to increase their gold holdings over the next 12 months, up from 43% in 2025. The survey showed 89% of reserve managers anticipate global central bank gold holdings will rise over the next year. Central banks are responding to ongoing diversification needs, economic uncertainty, and gold's recent milestone of surpassing U.S. Treasuries to become the world's largest reserve asset. Shaokai Fan, Global Head of Central Banks at the World Gold Council, told Kitco News that official-sector confidence in gold remains exceptionally strong. The survey attracted 76 responses, the highest on record, reflecting gold's growing relevance in reserve management discussions.
Survey Shows Gold Gaining Strategic Reserve Status
The World Gold Council noted that gold recently surpassed U.S. Treasuries to become the world's largest reserve asset. The survey found that 84% of respondents expect gold to represent a larger share of global reserves within five years, while 74% expect the U.S. dollar's share of reserves to decline over the same period.
"Central banks are still very positive on gold. In fact, more positive than ever," Fan said in an interview with Kitco News. He noted that the percentage of respondents planning to increase their gold reserves rose to a record 45% this year despite ongoing geopolitical turmoil.
The survey indicates that central bankers increasingly view gold as a strategic monetary asset rather than a passive legacy holding. Central banks have purchased an average of 1,000 tonnes of gold annually over the last four years, double the pace seen during the previous decade.
Emerging and Advanced Economies Expand Gold Buyer Base
Fan said one of the most notable developments is that interest in gold is spreading across a broader group of central banks. "We're seeing newer central banks starting to emerge," he said, pointing to countries such as Indonesia, Malaysia, Guatemala, and El Salvador that have recently entered the market or resumed purchases after years of inactivity. "The base on which central banks are buying is expanding."
While emerging-market central banks remain the dominant buyers, the survey showed that 18% of advanced-economy central banks also expect to increase their gold holdings over the next year.
Fan said central banks are increasingly discussing gold internally as reserve managers evaluate how best to diversify their portfolios amid growing geopolitical and economic uncertainty. "The number of conversations that we've been having over the past one or two years has definitely picked up," he said. "More central banks are approaching us, new central banks are approaching us."
Diversification and Crisis Performance Drive Central Bank Purchases
The survey found that reserve diversification remains the primary reason for buying gold, followed by the need for a stronger hedge against economic risks and concerns surrounding reserve-currency economies. Thirty-one of the 34 central banks planning to increase gold reserves cited diversification as a key motivation.
A record 90% of respondents cited gold's performance during times of crisis as a major reason for holding the metal, while 84% pointed to its role as a long-term store of value and inflation hedge, and 83% highlighted its diversification benefits.
Fan said those responses were particularly striking because they came during the latest conflict in the Middle East. "The most relevant factor this year was gold's performance during times of crisis," he said. "If anything, it's even more relevant than before."
He added that recent geopolitical tensions have not changed central banks' long-term assessment of the metal. "Central banks are valuing more than ever gold's performance during times of crisis, gold's role as a long-term store of value, gold as a portfolio diversifier, gold being able to be a geopolitical hedge," Fan said.
Fan said the growing response rate is itself evidence that gold is becoming increasingly important within the official sector. "That fact alone points out that gold is much more relevant, much more front and center as a topic among central banks," he said.
FAQ
What percentage of central banks plan to increase gold reserves according to the WGC survey?
The World Gold Council's 2026 Central Bank Gold Reserves Survey found that a record 45% of central banks expect to increase their gold holdings over the next 12 months, up from 43% in 2025.
Why are central banks increasing their gold holdings?
Thirty-one of the 34 central banks planning to increase gold reserves cited diversification as a key motivation. A record 90% of survey respondents cited gold's performance during times of crisis as a major reason for holding the metal, while 84% pointed to its role as a long-term store of value and inflation hedge, and 83% highlighted its diversification benefits.
How much gold have central banks purchased annually in recent years?
Central banks have purchased an average of 1,000 tonnes of gold annually over the last four years, double the pace seen during the previous decade.
