Central bankers around the globe plan to continue adding to their gold reserves, even after the precious metal’s spectacular gains of the past year.
A new survey of 101 central banks finds 39 percent plan to increase their gold reserves in 2026. Moreover, a growing number are engaged in the gold market: nearly three-quarters of central banks, 73 percent, invest in gold, up from 69 percent in 2025. Another 16 percent say they are considering investing in gold. The annual survey, conducted by Central Banking Publications in partnership with banking giant HSBC, questioned central bank reserve managers from January through March of 2026. The 101 banks that responded manage reserves totaling $9.5 trillion.
Supporting their embrace of gold, reserve managers said geopolitical tensions are the most significant risk they face, with 70 percent citing it as their chief worry.
Central bankers are buying gold not merely for the financial security, stability, and credibility it provides their nations. They are also bullish on the gold price, with 32 percent saying they expect gold to rise to $6,000 an ounce or higher by the end of the year, and 30 percent anticipating gold to reach about $5,000 an ounce.
Central banks in a position to do so are supporting their domestic mining companies, with 33 percent planning to increase their gold reserves by buying locally mined gold, up from 22 percent in 2025.
Of note, no central banks reported making any investments in cryptocurrencies or stablecoins.
