A new survey reveals a significant shift in central bank attitudes towards gold, with a record proportion planning to increase their holdings over the next year.
The World Gold Council's 2026 Central Bank Gold Reserves Survey indicates that 89% of central bank reserve managers anticipate global central bank gold reserves will continue to grow over the next 12 months. This confidence is mirrored in their own institutional plans, with a record-breaking 45% of respondents expecting their own institutions to increase gold reserves within that timeframe.
Shifting Perceptions of Gold's Role
The survey highlights a strategic evolution in how central banks view gold. Currently, 93% of respondent banks hold gold, up from 81% last year. The primary reasons for holding gold have also shifted. A record-high 90% cited its performance during crises, followed by its role as a long-term store of value (84%) and an effective portfolio diversifier (83%). Notably, the proportion of banks holding gold simply as a historical legacy asset has fallen from 62% in 2025 to 46%. Concurrently, views on the US dollar are less optimistic, with 74% of respondents expecting its share of global reserves to decline over the next five years.
Trends in Gold Storage Diversification
A new trend emerging from the survey is the increased diversification of gold storage locations. Nine percent of central banks reported increasing their domestic gold storage over the past 12 months, up from 5% last year. A further 10% reported diversifying their overseas storage locations, a significant increase from 2% the previous year. These trends are expected to continue, with 7% planning to increase domestic storage and 9% planning further overseas diversification in the coming year. The Bank of England remains the most popular storage location, favored by 57% of respondents, with domestic storage ranking second at 49%.
Survey Methodology and Context
The survey, conducted between February 5 and May 19, 2026, received a record 76 responses, the highest participation level in the survey's nine-year history. The responses largely reflect central bank views following the outbreak of conflict in the Middle East, underscoring gold's perceived value in a period of heightened geopolitical uncertainty. This strong participation signals robust global central bank engagement with gold as an asset class.
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