New Survey Shows Central Banks Far From Done Buying Gold

45% of central banks intend to grow their gold reserves over the next 12 months, the highest level on record in the World Gold Council survey. The annual study also found that 89% of central banks expect global central bank gold holdings to rise, while just 1% anticipate a decline. Central Bank Gold Buying Expectations. Source: World Gold Council Why Central Banks Keep Stockpiling Gold Central banks have bought an average of 1,000t of gold since 2022. That pace is double the 500 tonnes averaged over the previous decade. Recent monthly data reinforces the trend. Official buyers resumed net purchases in April, adding 19 tonnes after recording net sales in March. Poland led the month with 14 tonnes, raising its 2026 total to 45 tonnes. China added 8 tonnes, its 18th consecutive month of buying. Not all activity points in one direction. Russia extended a selling streak with 6 tonnes in April, while Turkey kept its reserves broadly flat. What Is Driving the Gold Demand Meanwhile, respondents pointed to familiar reasons for holding gold. Its role as a long-term store of value, its performance in a crisis, and its diversification benefits remain the core motivations. 90% of respondents indicated that golds performance during times of crisis is highly or somewhat relevant to their organisation, a record high for this factor. 84% of respondents indicated that golds role as a store of value was a relevant factor, while 83% pointed to golds attribute as a portfolio diversifier, the findings revealed. Economic and geopolitical signals also shaped reserve decisions. Interest rate levels topped the agenda at 92%, the same as last year. Geopolitical instability and inflation followed. Instability has now edged ahead of inflation, a shift the report ties to the war in Iran. Most responses arrived after the Middle East conflict began in early 2026. At the same time, confidence in the dollar continues to weaken. Around 74% of respondents expect their reserve share to fall over five years, while 84% expect golds share to rise. We expect that there will be a downward shift in the share of total reserves held in US dollars. This reduction will come primarily from countries whose relationships with the US are likely to be affected by US foreign policy and political relations, a respondent said. Not every signal points higher. Bearish options bets target a 40% decline in gold prices by 2028, with Citigroup trimming its forecast to $4,000. The divergence sets up a clear test for the market. Steady official demand would need to offset any cooling in private investor appetite to hold prices firm.