Record share of central banks plan to boost gold holdings, WGC survey finds

Central Banks Expect Gold Reserves to Rise as Dollar’s Dominance Fades, WGC Survey Finds

A record share of the world’s central banks plan to increase their gold holdings over the next year, while most expect the U.S. dollar’s proportion of global reserves to shrink over the coming half-decade, according to the World Gold Council’s annual survey released Tuesday.

Survey Highlights a Structural Shift

The World Gold Council’s 2026 Central Bank Gold Reserves Survey, which polled 76 central banks between February and May, found that 45% of reserve managers plan to increase their own institutions’ gold holdings over the next 12 months — up from 43% a year ago and a new record, according to Reuters. About nine in 10 respondents expect global central bank gold holdings to continue rising, while 54% said they would keep their holdings stable and only 1% anticipated a decrease.reuters

The survey also revealed that 74% of respondents expect the dollar’s share of global reserves to be lower within five years. Gold has recently overtaken U.S. government bonds as the top reserve asset among central banks, the WGC reported. The shift reflects ongoing concerns about geopolitical instability, U.S. fiscal conditions, and questions about Federal Reserve independence under new Chair Kevin Warsh.scmp

De-Dollarization Backdrop

Central banks have accumulated more than 1,000 tonnes of gold in each of the past three years, roughly double the pace of the preceding decade. In the first quarter of 2026, estimated net purchases reached 244 tonnes, up 17% from the prior quarter, with Poland and Uzbekistan leading buyers.gold

The dollar’s share of allocated reserves has declined from approximately 66% a decade ago to around 57% more recently, though IMF data suggests much of the recent drop has been driven by exchange-rate valuation effects rather than active selling. The European Central Bank last year reduced the weight of the dollar in its foreign currency reserves, and a separate HSBC survey found that 80% of central bank reserve managers view de-dollarization as a gradual process.centralbanking

Gold Prices Rebound Ahead of Fed Decision

Gold prices have recovered from a six-month low hit earlier this month, rising above $4,300 per ounce after falling sharply on inflation concerns. U.S. consumer inflation surged above 4% in May, its fastest rate in three years, while producer prices also exceeded forecasts. Market attention is now focused on the Federal Reserve’s policy meeting on June 16–17, Warsh’s first as chair, with economists widely expecting rates to remain unchanged.fortune