Survey respondents continued to rank economic and geopolitical factors highly in influencing their reserve management decisions. Unsurprisingly, gold’s role as a long-term store of value, its performance during times of crisis, and its diversification properties continue to be key reasons why central banks hold gold.
Strategic considerations in gold reserves management
16 June, 2026
Respondents were asked which topics were relevant to their reserve management decisions; 92% indicated “interest rate levels” – on a par with last year’s survey. Other factors that respondents considered relevant include “geopolitical instability” and “inflation concerns”. “Geopolitical instability” has moved ahead of “inflation concerns” in this year’s survey likely on the back of the war in Iran.
While central banks from both EMDE and advanced economies were aligned on their concern over “interest rate levels”, a much higher proportion of EMDE economies were concerned about this than were advanced economies – a departure from last year’s survey where both EMDE and advanced economies were similarly concerned. Similar divergences were observed around inflation concerns and geopolitical instability (Chart 5). A higher percentage of EMDE respondents believe that inflation (84%) and the geopolitical situation (95%) remains top of mind; while among advanced economy respondents these figures were 61% and 67% respectively. While 54% of total respondents indicated that “potential trade conflicts/tariffs” are relevant to their reserve management decisions, EMDE respondents were almost twice as concerned (60%) than their advanced economy counterparts (33%).
When asked about relevant factors in their decision to hold gold, 90% of respondents indicated that gold’s performance during times of crisis is highly or somewhat relevant to their organisation (Chart 6), a record high for this factor. 84% of respondents indicated that gold’s role as a store of value was a relevant factor while 83% pointed to gold’s attribute as a portfolio diversifier. These responses reinforce gold’s appeal as a strategic reserve asset.
This finding was further analysed across respondents from EMDE and advanced central banks. 49 out of 53 (92%) of respondents from the EMDE group agreed that gold’s performance in times of crises is the most relevant factor in holding gold. This compares to 13 out of 16 (81%) of respondents from the advanced economy group. A divergence occurred when we asked about the relevance of gold as a geopolitical risk hedge: 45 out of 53 (85%) of EMDE respondents rated this factor as relevant compared to just 9 out of 16 (56%) in advanced economies.
If we compare this to the same question in last year’s survey, we can see similarities. In 2025, “performance during times of crisis”, “effective portfolio diversifier” and “long term store of value” were also highly rated as relevant in holding gold. Consistency in the top three relevant factors shows that central banks across the board continue to recognise gold’s unique and strategic role in reserve management.
