Global Central Banks' Gold Buying Intent Hits New High Since 2018, Gold Price Pullback Seen as Allocation Opportunity

June 16 — Global central banks are showing renewed eagerness to add gold to their reserve piles, even amid a recent price dip for the precious metal, according to a new survey from the World Gold Council. Conducted with market research firm YouGov, the poll of 74 central banks found 45% plan to increase their gold holdings over the next 12 months — the highest share since the survey launched in 2018. Only one central bank signaled it would cut its gold reserves, a sign of strong long-term demand for the metal from official institutions despite its pullback from recent all-time highs. Gold has doubled in price over the past three years, fueled largely by consistent net purchases from central banks. But the market landscape shifted in 2026: Middle East tensions have roiled energy markets, while expectations of prolonged high interest rates have dulled gold’s short-term appeal as a non-yielding asset. Add in speculative fund outflows, and gold has now fallen to its lowest level since last November. Structurally, emerging markets and developing economies will remain the main drivers of gold buying going forward. The survey found about 53% of central banks in these regions plan to add to their gold stocks, compared to just 18% of central banks in advanced economies — highlighting a clear gap in how different nations approach reserve diversification and risk hedging. Shaokai Fan of the World Gold Council noted the recent price correction is reactivating central bank purchasing. “Gold’s dip is giving some central banks an entry point,” he said. Many nations held off on buying gold in 2025 because prices were so high; the current cool-down is shifting that cautious approach. For how central banks are acquiring gold: Roughly half of those planning to boost holdings prefer buying directly from their domestic mining sectors using their own currency, a move that cuts down on foreign exchange reserve use. Another 38% plan to rebalance their reserve allocations by selling off other assets. This signals gold is evolving from a simple foreign exchange reserve substitute to a broader tool for systemic asset reallocation.