The World Gold Council released the '2026 Global Central Bank Gold Reserves Survey' on June 16, revealing that 89% of surveyed central bank reserve managers expect global central bank gold reserves to continue increasing over the next 12 months. This confidence is mirrored in central banks' own reserve plans, with 45% of surveyed reserve managers stating they expect their institutions to increase gold holdings within the next 12 months—a record-high proportion. The survey findings reflect gold's strengthening strategic role in global central bank reserve portfolios, driven by its crisis-period performance, long-term store-of-value characteristics, and effectiveness as a diversification tool amid evolving views on the US dollar's future role in global reserves.
Survey Shows Record Proportion of Central Banks Plan Gold Increases
According to the survey, 84% of respondent central banks believe that gold's share in global total reserves will rise over the next five years, up from 76% last year. The survey indicates that in the foreseeable future, global central banks will maintain robust gold purchasing demand.
Currently, 93% of surveyed central banks report holding gold, a proportion higher than last year's 81%. Regarding the future role of the US dollar in global reserves, surveyed central banks hold less optimistic views: 74% of respondent central banks expect the US dollar's share in global reserves to decline over the next five years.
China Reports 19th Consecutive Month of Gold Reserve Increases
China's central bank released the latest official reserve asset data showing that the country's gold reserve scale continues to rise. Since the beginning of this year, the central bank's gold purchases have shown a month-by-month acceleration trend.
Data shows that China's gold reserves at the end of May stood at 74.96 million ounces (approximately 2331.52 tons), an increase of 320,000 ounces (approximately 9.95 tons) from the previous month. At the end of April, reserves were 74.64 million ounces (approximately 2321.56 tons), marking the 19th consecutive month of gold purchases.
Survey Covers 76 Central Banks Across Developed and Emerging Markets
The survey covered a total of 76 central banks, including 58 central banks from emerging markets and developing economies (EMDE) and 18 central banks from developed economies.
Central Banks Cite Crisis Performance as Primary Reason for Holding Gold
Central banks' perceptions of gold's role in the reserve system have correspondingly shifted. When discussing the main reasons for holding gold, 90% of surveyed central banks selected gold's performance during crisis periods—a factor reaching a record-high proportion. This is followed by gold's characteristics as a long-term store-of-value tool (84%) and an effective portfolio diversification tool (83%).
Notably, gold's role as a geopolitical risk hedge has received widespread attention, particularly among emerging market and developing economy central banks at 85%. Meanwhile, the proportion of central banks holding gold because it is a legacy asset continues to decline, falling from 62% in 2025 to 46% this year.
Central Banks Increase Domestic Storage and Diversify Overseas Locations
This year's survey also reveals a new trend: central banks are increasingly inclined to diversify the locations where they store their gold reserves. 9% of surveyed central banks stated that they have increased domestic gold storage volumes over the past 12 months, a proportion up from 5% last year. 10% of surveyed central banks stated that their overseas storage locations have become further diversified, up from 2% last year.
This trend is expected to continue, with 7% of surveyed central banks planning to increase domestic gold storage proportions over the next year, and 9% indicating plans to further diversify overseas storage locations. The Bank of England remains the most popular gold storage location among surveyed central banks at 57%, with domestic gold reserve storage ranking second at 49%.
Spot Gold Price Rebounds After Dropping to $4020 per Ounce on June 11
Since the beginning of this year, international gold prices have experienced severe volatility. Spot gold (London gold spot) prices fell in volatile trading from a historical high of $5598 per ounce, dropping on June 11 to near $4020 per ounce at the lowest point, briefly erasing all gains for the year and turning negative.
However, in recent trading sessions, spot gold prices have rebounded sharply. As of the time of writing, the latest price is $4346.055, up 0.85%, with year-to-date performance turning positive again.
FAQ
What percentage of central banks plan to increase gold holdings in the next 12 months?
According to the World Gold Council's survey released on June 16, 45% of surveyed central bank reserve managers stated they expect their institutions to increase gold holdings within the next 12 months. This proportion represents a record high.
How much did China's gold reserves increase in May?
China's gold reserves at the end of May stood at 74.96 million ounces (approximately 2331.52 tons), an increase of 320,000 ounces (approximately 9.95 tons) from April's 74.64 million ounces (approximately 2321.56 tons). This marks the 19th consecutive month of gold purchases by China's central bank.
Why do central banks hold gold according to the survey?
90% of surveyed central banks cited gold's performance during crisis periods as the main reason for holding gold. Other key reasons include gold's role as a long-term store-of-value tool (84%) and an effective portfolio diversification tool (83%). Additionally, 85% of emerging market and developing economy central banks view gold as a geopolitical risk hedge.
