Central banks globally are accelerating their shift towards gold, with a record number of monetary institutions planning to increase their gold reserves over the coming year, according to the World Gold Council’s 2026 Central Bank Gold Reserves Survey.
By Ryan Chigoche
The survey, which drew a record 76 responses from central banks worldwide between February and May 2026, found that an overwhelming 89% of reserve managers expect global central bank gold holdings to continue increasing over the next 12 months. A record 45% of respondents said they expect to increase their own institutions’ gold holdings, up from 43% last year, while only 1% anticipate a decrease.
Shaokai Fan, Global Head of Central Banks at the World Gold Council, commented: “This year’s survey sends a clear message: central bank demand for gold remains on an upward trajectory. A record number of respondents plan to add gold to their own reserves in the next year, while a large majority expect global official sector holdings to keep rising.”
The growing appetite for gold is being driven by a combination of longstanding reserve management considerations and a rapidly evolving geopolitical landscape.
Gold’s performance during times of crisis remains the top reason central banks hold the metal, cited by a record 90% of respondents. This was closely followed by gold’s role as a long-term store of value (84%) and as a portfolio diversification tool (82%). For emerging market and developing economy central banks, the geopolitical risk hedge function was particularly significant, with 85% highlighting this as a key consideration.
Beyond gold’s traditional role as a safe-haven asset, the survey points to another factor shaping reserve management decisions: expectations that the US dollar’s dominance could gradually weaken in the years ahead.
Nearly three-quarters of respondents (74%) expect the dollar’s share of global reserves to be lower five years from now. Interestingly, respondents believe the share of other major currencies, including the euro and renminbi, will remain largely unchanged over the same period. This suggests that gold, rather than any single currency, stands to be the primary beneficiary of the shifting reserve landscape.
The shift in reserve management strategies is not only influencing what central banks buy but also where they choose to store their bullion.
The Bank of England remains the most popular vaulting location at 57%, followed by domestic storage at 49% and the Bank for International Settlements at 16%. However, central banks are increasingly diversifying where they keep their gold. In the past 12 months, 9% of respondents increased domestic storage, up from 5% last year, while 10% diversified their overseas storage locations, a significant jump from just 2% previously. This trend is expected to continue, with 7% planning to increase domestic storage and 9% planning to diversify overseas locations in the coming year.
As central banks expand their gold holdings and reassess storage arrangements, attention is also turning to how future purchases will be financed.
When it comes to financing new gold acquisitions, half of respondents indicated they would do so through domestic purchase programmes in local currency. A further 38% said they would sell existing reserve assets to fund their gold buying.
Zimbabwe’s recent gold reserve accumulation mirrors many of the trends highlighted in the World Gold Council survey, underscoring how the global shift towards bullion is increasingly being reflected across African economies.
The country’s gold reserves stood at 4.48 tonnes as of May 2026, placing Zimbabwe 11th in Africa and third in the Southern African Development Community (SADC), behind South Africa and Mauritius.
The reserves have grown by approximately one tonne since President Mnangagwa’s previous inspection in 2025. Since April 2024, holdings have surged by 198.7% from just over one tonne, reflecting a deliberate strategy to strengthen the country’s reserve position and support the Zimbabwe Gold (ZiG) currency.
With authorities targeting five tonnes of gold reserves by year-end, Zimbabwe’s accumulation drive aligns with a broader global trend in which central banks are increasingly turning to bullion as a store of value, a hedge against uncertainty, and a cornerstone of reserve diversification.
