2026年全球央行黄金储备调查报告_43页_1mb

Central Bank Gold Reserves Survey 2026 Summary

Core Content

The Central Bank Gold Reserves Survey 2026 highlights a continued and significant increase in the interest of central banks in holding gold as part of their reserve portfolios. Conducted between February 5 and May 19, 2026, the survey received 76 responses, marking a new record in participation since the survey began nine years ago. The findings reflect a growing strategic role for gold amid geopolitical and economic uncertainty, with central banks viewing it as a reliable store of value, a portfolio diversifier, and a hedge against inflation and geopolitical risks.

Main Findings

• Gold Reserves Increase:

  • 89% of respondents believe global central bank gold reserves will increase over the next 12 months.
  • 45% of respondents expect their own gold reserves to rise, the highest proportion recorded to date.
  • 84% of respondents believe gold will hold a moderately or significantly higher share of total reserves in five years.

• Diversification Away from USD:

  • 74% of respondents expect the US dollar share in total reserves to decrease over the next five years.
  • The share of euros and renminbi is expected to remain unchanged.
  • Gold is seen as a key component in the diversification strategy.

• Gold as a Strategic Asset:

  • Gold's performance during crises, its role as a store of value, and its portfolio diversification properties are the top reasons for holding gold.
  • Geopolitical risk hedging is also a significant driver, especially for EMDE (Emerging Markets and Developing Economies) central banks.
  • Interest rate levels and inflation concerns are the most frequently cited factors influencing reserve management decisions.

• Gold Purchase Methods:

  • Domestic purchase programmes are a major funding source, with half of the respondents using them.
  • Selling existing reserve assets is also a common method, used by 38% of respondents.
  • London Good Delivery bars remain the preferred form of physical gold, with 62% of respondents selecting this option.

• Vaulting Locations:

  • The Bank of England is still the most popular vaulting location, with 57% of respondents choosing it.
  • Domestic storage is the second most preferred, with 49% of respondents.
  • Swiss National Bank saw a decline in preference, from 12% in 2025 to 6% in 2026.
  • There is a growing trend toward diversifying vaulting locations, with 9% of respondents increasing domestic storage and 10% diversifying overseas storage in the past year.

• Operational Considerations:

  • 76% of respondents manage gold separately from other reserve assets.
  • Gold as a strategic asset is the most cited reason for separate management, with 75% of respondents selecting it.
  • Risk management is a growing concern, with 42% of respondents indicating it as a reason for gold holdings, up from 22% in 2025.

Key Trends

• EMDE vs Advanced Economies:

  • EMDE central banks are more concerned about inflation and geopolitical instability, with 84% and 95% respectively.
  • Advanced economies show less concern (61% for inflation, 67% for geopolitical instability).
  • EMDE banks are more likely to expect an increase in their gold reserves (around 50%) compared to advanced economies (around 43%).

• Gold as a Diversification Tool:

  • Central banks continue to view gold as a diversification policy component, with 83% of respondents citing this as a relevant factor.
  • There is a growing trend toward de-dollarisation, with a notable increase in the number of central banks looking to diversify vaulting locations overseas.

Strategic and Operational Insights

• Gold's Role:

  • Gold is increasingly viewed as a strategic and active asset in reserve portfolios.
  • Its liquidity, safety, and return characteristics are becoming more important for central banks in volatile times.

• Gold Management Tools:

  • Gold swaps, deposits, ETFs, and forwards are used by a majority of central banks in the last five years.
  • Gold as part of a de-dollarisation policy was a notable reason in previous years but is no longer included in the 2026 survey.

• Challenges and Concerns:

  • Some central banks express concerns about the costs of holding gold, accounting issues, and ESG concerns.
  • The ability to transact in large sizes and headline risk are also cited as barriers to gold holding, though less frequently.

Conclusion

The 2026 survey underscores the increasing importance of gold in central bank reserves, driven by the need for diversification, risk management, and stability in an uncertain global environment. While the US dollar remains dominant, its share is expected to decline, and gold is set to play a larger role in the future. Central banks are also showing a greater interest in diversifying their vaulting locations, with a notable shift toward domestic and overseas diversification. The survey reaffirms that gold is seen as a reliable and strategic reserve asset across both advanced and emerging economies.