A new survey from the World Gold Council, released Tuesday, reveals a notable surge in central banks’ appetite for gold. According to the “2026 Central Bank Gold Reserves Survey,” 45 percent of respondents intend to increase their gold reserves within the next 12 months. This is the highest rate since the survey began in 2018 and more than double the 20 percent recorded in 2020.
Key trends from the survey
The survey, conducted by YouGov between February 5 and May 19, gathered responses from 76 participants—a record participation for the nine-year-old annual poll. Notably, most responses came after the escalation of conflicts in the Middle East, offering fresh insight into how central banks and other reserve managers are reflecting geopolitical risk in their balance sheets.
According to the report, 89 percent of respondents believe global gold reserves will continue to grow over the coming year.
A striking 89 percent of those surveyed expect global gold reserves to climb further in the next year. Although slightly below last year’s record 95 percent, midterm expectations for gold’s prominence remain strong. In fact, 83 percent believe gold’s share in total reserves will increase within five years, up from 76 percent in the previous survey.
The World Gold Council, an international body providing data, analysis, and research on the gold market, reports that attitudes among reserve managers are shifting. Over 90 percent of survey participants now view gold as an asset that performs well during crises, with this resilience cited as the chief reason for holding it.
Growing doubts about the dollar
The report also notes that gold is increasingly being held for functional reasons rather than tradition. Last year, 62 percent cited gold’s historical significance as a main reason to hold it, while this year that figure dropped to 46 percent. This highlights a shift towards utility and defensive benefits rather than habit.
Skepticism towards the US dollar as a reserve currency is also mounting. Some 74 percent of respondents forecast a significant decrease in the dollar’s share of reserves over the next five years. The Council underlines that gold has already overtaken US government bonds to become the world’s largest reserve asset.
Seventy-four percent of participants expect the dollar’s share in reserves to diminish markedly in the next five years.
Gold versus the Bitcoin narrative
The data shows that Bitcoin’s long-touted status as “digital gold” has not yet found much support among central banks. Only around 1 percent of participants anticipate reducing their gold holdings in the coming year, while none indicated treating Bitcoin with the same strategic weight as gold in their reserves.
The debate gained renewed attention this year after key comments from industry figures. Ray Dalio, founder of Bridgewater Associates, argued that Bitcoin does not serve as a safe haven to the extent many hope. Michael Saylor, Chairman of MicroStrategy, disagreed, characterizing gold as analog capital and Bitcoin as digital capital, and asserting that the transparency inherent in Bitcoin is a feature, not a weakness.
