World Gold Council: 45% of Central Banks Plan to Increase Gold Reserves Within a Year

The latest 2026 Central Bank Gold Reserves Survey, published by the World Gold Council (WGC), revealed that 45% of central banks worldwide plan to increase their gold reserves over the next 12 months, marking the highest level ever recorded since the survey began. Meanwhile, 89% of respondents expect total global central bank gold holdings to rise during the same period.

The survey, which included responses from 76 central banks across the world, highlighted continued confidence in gold as a strategic reserve asset amid rising geopolitical and economic uncertainties and growing efforts to diversify reserve portfolios.

The findings align with a recent study by Marsad Al Dahab, which showed that central banks added approximately 4,335 tonnes of gold to their official reserves between the beginning of 2022 and the end of April 2026. This represents the largest accumulation wave in modern monetary history, with annual purchases averaging more than 1,000 tonnes over the past four years, compared with around 500 tonnes per year during the previous decade.

According to the survey, gold’s performance during times of crisis, its role in preserving value, portfolio diversification, and inflation hedging remain among the key reasons central banks continue to hold and accumulate the precious metal. Gold’s ability to hedge geopolitical risks also emerged as one of the most important factors supporting increased allocations.

The survey further indicated expectations of a declining role for the U.S. dollar in global reserves. Around 74% of respondents believe the dollar’s share of global reserves will decrease over the next five years, while the shares of the euro and the Chinese renminbi are expected to remain broadly unchanged. In contrast, gold’s share of reserve portfolios is expected to increase.

Regarding the funding of future gold purchases, half of the participating central banks indicated that new acquisitions would be financed through domestic purchase programs using local currencies, while 38% said they would fund purchases by selling other reserve assets.

On the storage side, the Bank of England remained the most preferred gold vaulting location, cited by 57% of respondents, followed by domestic storage at 49% and the Bank for International Settlements at 16%. The survey also showed a growing trend toward diversifying gold storage locations, both domestically and internationally, as part of broader reserve risk-management strategies.

Marsad Al Dahab noted that the historical data confirms that the current buying trend is not a temporary response to geopolitical events, but rather a long-term strategic shift in reserve management policies.

Central bank purchases reached 1,080 tonnes in 2022, followed by 1,051 tonnes in 2023 and 1,093 tonnes in 2024. Although purchases moderated to around 850 tonnes in 2025, they remained significantly above historical averages. In the first quarter of 2026 alone, central banks added 244 tonnes, bringing total reported purchases for the year to approximately 261 tonnes by the end of April.

Exceeding the 1,000-tonne threshold for three consecutive years represents an unprecedented development in modern reserve management and reflects gold’s growing role in national financial security strategies amid heightened geopolitical risks, rising global debt levels, and concerns over the long-term stability of traditional reserve assets.

Emerging economies continue to drive much of the current buying wave, with China, Poland, India, and Turkey ranking among the largest purchasers in recent years as part of efforts to diversify reserves and reduce reliance on the U.S. dollar.

The historical comparison illustrates the magnitude of this shift. While central bank purchases averaged around 500 tonnes annually during the previous decade, they have exceeded 1,000 tonnes per year since 2022, underscoring gold’s renewed importance within the international monetary system.

Marsad Al Dahab believes the World Gold Council survey provides further evidence of a structural and long-term transformation in global reserve management policies. Gold is no longer viewed solely as a hedge against inflation or financial crises; it has become a strategic asset for managing geopolitical risks and strengthening monetary independence.

The addition of more than 4,300 tonnes to official reserves since 2022 suggests that official-sector demand has become one of the most important structural drivers supporting global gold prices. This helps explain the metal’s resilience and ability to maintain historically elevated price levels despite higher interest rates and tighter monetary policies in recent years.