A new World Gold Council survey reveals that 45% of central banks intend to increase their gold reserves over the next 12 months — the highest share ever recorded in the poll. The finding comes as official buyers resumed net purchases in April 2026, adding 19 tonnes after a brief pause in March.
Record intentions to buy
The survey, which drew responses from central bank reserve managers worldwide, also found that 89% expect global central bank gold holdings to rise in the coming year. Only 1% anticipate a decline. Central banks have been buying an average of 1,000 tonnes of gold per year since 2022 — double the 500-tonne average of the previous decade.
Who bought and sold in April
Poland led April purchases with 14 tonnes, bringing its 2026 total to 45 tonnes. China added another 8 tonnes, marking its 18th consecutive month of buying. Turkey kept its reserves broadly flat. On the selling side, Russia extended a streak of sales with 6 tonnes in April.
Why gold is drawing interest
Gold's performance during crises is highly or somewhat relevant for 90% of respondents — a record high. The metal's role as a store of value was cited by 84%, and 83% pointed to its diversification benefits. Interest rate levels topped the agenda for 92% of respondents, the same as last year. But geopolitical instability has now edged ahead of inflation as a factor, a shift respondents tied to the war in Iran. Most survey answers arrived after the Middle East conflict began in early 2026.
Dollar expectations vs gold
The survey also captured shifting views on reserve currencies. 74% of respondents expect their share of US dollars to fall over the next five years, while 84% expect gold's share to rise. That divergence reflects both the metal's recent rally and broader uncertainty about the dollar's long-term role.
Market outlook
Not everyone is bullish. Bearish options bets target a 40% decline in gold prices by 2028, and Citigroup has trimmed its forecast to $4,000. Still, the central bank buying spree shows no sign of slowing — the next World Gold Council report will offer the first full look at how reserve managers adjusted their holdings after the conflict in Iran escalated.
