Central Banks Report Record Intent to Raise Gold Holdings as Dollar Share Expectations Fall

The survey, fielded February to May 2026 with broad geographic coverage, shows central banks have already lifted annual net purchases to roughly 1,000 tonnes in each of the past four years, double the prior decade average. Respondents cite crisis performance, diversification and geopolitical hedging as primary motives; 74 percent also project a moderate or significant decline in the dollar’s share of global reserves over five years while anticipating stable euro and renminbi weights.

This pattern aligns with observable reserve-management shifts since 2022. Multiple emerging-market central banks have executed domestic gold purchase programs funded in local currency and increased home or multi-jurisdiction vaulting, reducing reliance on traditional custodians. The data indicate portfolio rebalancing driven by sanctions risk and sanctions-enforcement mechanics rather than stated policy rhetoric.

Storage preferences are fragmenting: Bank of England remains first choice at 57 percent, yet domestic facilities and the BIS register rising allocations. Nine percent of respondents have already raised domestic storage in the past year and a further 7 percent plan additional increases.

Continued accumulation at current rates will incrementally raise gold’s weight in aggregate reserves, creating a slow but measurable offset to dollar dominance without requiring coordinated currency arrangements.