Central banks worldwide are anticipated to increase their gold holdings in the coming year, signaling a continued shift away from reliance on the US dollar as the dominant global reserve currency, according to the latest survey by the World Gold Council. The findings, released on June 16, 2026, reflect an ongoing trend of de-dollarisation amid rising geopolitical and economic uncertainties.

The council’s annual Central Banks Gold Reserves Survey, which collected responses from 76 central banks between February and May 2026, indicates that roughly 90% of these institutions expect global gold reserves to grow over the next 12 months. Nearly half—45%—of central banks reported plans to increase their own gold holdings, up from 43% in the previous year. This marks a record in the council’s survey history and underscores a growing consensus on gold’s role in reserve portfolios.

Recent data reveals that for the first time, gold has eclipsed US government bonds as the preferred reserve asset among central banks. Meanwhile, confidence in the US dollar appears to be waning; approximately 74% of survey participants anticipate a decline in the dollar’s share of global reserves over the next five years. According to International Monetary Fund figures, US dollars represented 42% of total reported reserves—including foreign exchange and gold—as of the third quarter of 2025.

The survey also highlights the key motivations behind the ongoing gold accumulation. Ninety percent of central banks cited gold’s strong performance during times of crisis as a primary factor. A significant majority pointed to its long-term store of value (84%) and its ability to diversify holdings (82%). Notably, 85% of emerging market and developing economy central banks emphasized gold’s function as a hedge against geopolitical risks.

Funding methods for new gold purchases vary, with half of those planning to increase their reserves indicating domestic purchases using local currency. Meanwhile, 38% intend to finance acquisitions by liquidating existing reserve assets. This strategy aligns with broader patterns observed over the last four years, during which central banks have collectively added about 1,000 tonnes of gold annually—double the average from the previous decade.

Storage preferences are also evolving. Nine percent of respondents reported increasing domestic gold storage, and 10% have diversified their holdings across multiple foreign locations. The Bank of England remains the preferred vault for 57% of central banks, while the Swiss National Bank’s popularity declined sharply to 6% from 12% in 2025.

Experts note that gold is no longer viewed as a passive legacy asset but as an active, strategic component of reserve management amid heightened global uncertainties. Shaokai Fan, global head of central banks at the World Gold Council, emphasized this shift, a perspective shared by Jean-Louis Nakamura of wealth manager Vontobel, who pointed to sustained buying activity especially in emerging markets, with room for further increases in gold allocations.

China continues to expand its gold reserves, holding approximately 74.96 million troy ounces (2.3 million kilograms) by the end of May 2026, marking the 19th consecutive month of accumulation according to the People’s Bank of China.

Responding to growing demand from central banks and affluent investors, Standard Chartered Hong Kong is exploring the establishment of its first gold storage facility in the city. John Thang, head of markets for Hong Kong, Greater China, and North Asia at Standard Chartered, noted that the initiative is unlikely to materialize this year but reflects expectations for rising gold prices, with forecasts reaching US$5,150 per ounce by year-end.