Perspectives on gold reserves
16 June, 2026
Our survey shows a continuation of the trend uncovered in previous years: central banks see gold making up a growing share of their reserve portfolios. 84% of respondents believe that gold will hold a (moderately or significantly) higher share of total reserves five years from now, up from 76% last year. Responses were also fairly consistent between central banks in advanced economies and EMDE (emerging markets and developing economies), with the majority anticipating that the proportion of total reserves held in gold would be moderately higher in five years’ time (Chart 1).
Respondents were less sanguine on the US dollar. While it maintains its position as the dominant global reserve currency, data from the IMF’s Currency Composition of Official Foreign Exchange Reserves (COFER) shows that its share has been on a gradual decline.1 And respondents believe this trend will continue, with 74% expecting its share to be lower five years from now (Chart 2). Both advanced economy and EMDE responses were aligned in this view.
When asked about expectations for how global central bank gold reserves will change over the next 12 months, respondents were almost unanimous, with 89% of respondents believing that official gold reserves will continue to increase (Chart 3). This sentiment was consistent across both advanced economy and EMDE respondents. It should be noted that 11% of central banks believe that gold’s proportion of total reserves would remain unchanged, up from 5% last year.
In addition, 45% of respondents thought that their own institution’s gold reserves would rise over the next year, broadly in line with last year’s finding (43%). Most respondents did not expect their gold reserves to change in the next 12 months. This marks a new record high in the proportion of central banks expecting to add gold to their own reserves (Chart 4)2 with EMDE banks continuing to lead their advanced economy counterparts. Among EMDE respondents around half thought that their own gold reserves would increase in the next 12 months, while the other half anticipated they would remain unchanged.
Our findings highlight that gold sentiment within the central banking community remains upbeat. Expectations point to continued gold buying over the next 12 months, reflecting sustained confidence in gold’s strategic role amid evolving geopolitical and macroeconomic dynamics.
Footnotes
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While a change in the sample of respondents may partly explain this change, consolidated data provided by YouGov indicates even when an equivalent sample is considered, a markedly higher proportion of respondents believes their own institution’s gold reserves would increase over the next 12 months compared to last year.
