Central banks plan record gold reserve growth, survey finds

Central banks around the world are accelerating their accumulation of gold and increasingly managing it as a strategic financial asset, according to a major industry survey released this week. The World Gold Council's 2026 Central Bank Gold Reserves Survey, which gathered responses from 76 monetary authorities, found a record 45% expect to increase their own gold holdings over the next 12 months, while 89% anticipate global central bank gold reserves will rise in that period.

This bullish outlook comes as gold has recently surpassed U.S. Treasury securities to become the largest single asset class in global reserves. Data from the European Central Bank shows gold constituted 27% of global central bank reserve assets at the end of 2025, up from 20% a year earlier, while the share of U.S. Treasuries fell to 22%. Analysts attribute the shift to a confluence of geopolitical tensions, concerns over financial sanctions, and a long-term trend of diversifying away from the U.S. dollar.

Central banks have been net buyers for years, but the pace has intensified. Purchases have averaged roughly 1,000 tonnes annually over the past four years, approximately double the average rate of the...