Central banks around the world have been buying gold at an unusually fast pace for several years, turning the metal into one of the clearest signals of how official institutions are responding to geopolitical tension, inflation concerns and shifting reserve strategies. The latest survey from the World Gold Council, released June 16, puts a new number on that trend and aligns with Goldman Sachs’ recent view that sovereign demand for gold is still strong.
A record share of central banks says more buying is ahead
The World Gold Council said on June 16 that a record 45% of reserve managers surveyed expect their own institutions to increase gold holdings over the next 12 months. In the same survey, 89% said they expect total global central bank gold reserves to keep rising, while 93% of respondents said their institutions already hold gold.
The survey covered 76 central banks between February 5 and May 19, 2026, according to the council and research partner YouGov. The report also said central banks have accumulated an average of 1,000 metric tons of gold annually over the past four years, roughly double the 500-ton average seen over the prior decade.
That broad buying trend has also shown up in market demand data. In its Q1 2026 Gold Demand Trends report, the World Gold Council said central banks added 244 tons to global reserves in the first quarter alone, even as some official institutions sold smaller amounts. The group said those purchases came despite elevated gold prices and continued to support overall demand.
This is a global reserves story rather than one tied to a single U.S. state or local market, and no public survey data breaks the World Gold Council’s findings down by U.S. state. What is confirmed is that the buying is being led by central banks and reserve managers worldwide, not by U.S. households, local banks or state treasuries.
The World Gold Council said 74% of respondents expect the U.S. dollar’s share of global reserves to be moderately or significantly lower in five years. At the same time, 83% said gold would account for a higher share of total reserves over that period. That does not mean the dollar is being replaced in day-to-day consumer finance, but it does show that reserve managers are adjusting long-term asset mixes.
The survey also found a shift in where official gold is being stored. The Bank of England remained the most widely used vaulting location at 57%, while 49% of respondents said they store at least part of their gold domestically. The World Gold Council said 9% had increased domestic storage over the past 12 months, and 10% had diversified overseas storage locations.
Goldman Sachs has linked the buying wave to reserve diversification, especially among emerging-market central banks. In a Reuters-reported note, Goldman said it expects central bank gold buying to average 70 metric tons per month in 2026 after strong purchases in 2025, and said emerging-market central banks are likely to continue structurally diversifying reserves into gold.
The World Gold Council’s survey helps explain that reasoning. A record 90% of respondents said gold’s performance in times of crisis was a relevant reason to hold it, 84% cited its role as a long-term store of value, and 82% pointed to portfolio diversification. Among emerging market and developing economy respondents, 85% said gold’s role as a hedge against geopolitical risk was relevant.
For readers and investors, the practical takeaway is narrower than the headline. The survey does not say every central bank is buying, and it does not predict consumer gold prices on its own. What it does confirm is that official institutions still view gold as a strategic reserve asset, and Goldman Sachs and the World Gold Council both say the forces behind that demand — diversification, crisis protection and geopolitical risk management — remain in place.