Research Report: Global Central Banks Continue to Increase Holdings, Strengthening Gold's Long-Term Investment Position
2026-07-01 12:18:38
International gold prices have recently become more volatile, but central banks around the world have not reduced their gold reserves; on the contrary, they have continued to increase their holdings.
According to the "2026 Global Public Investor Report" released by the Official Monetary and Financial Institutions Forum (OMFIF), against the backdrop of geopolitical instability and the gradual multipolarization of the monetary system, the strategic reserve value of gold continues to rise, making it a core preferred asset for central banks around the world, and the supporting logic for a medium- to long-term bull market continues to be solidified.
Despite gold prices repeatedly hitting record highs, significantly increasing the cost of reserve allocation, the willingness of reserve management institutions around the world to purchase gold has not diminished at all.
Andrea Correa, head of research at the Official Monetary and Financial Institutions Forum, said that gold’s strategic reserve status is hard to shake, and even with the continued rise in gold prices, global central banks’ demand for physical gold remains strong.
This survey covered 74 large central banks, with assets under management exceeding US$10 trillion, and the data has strong industry reference value.
Survey data shows that the proportion of central banks holding physical gold has risen to 82%, a significant increase from 71% last year. Furthermore, 30% of central banks plan to continue increasing their gold holdings in the next one to two years, making gold the most favored category among all reserve assets. Correa stated that the continuous increase in the proportion over the years confirms that central bank gold purchases are a long-term, sustained trend, not a short-term, temporary operation.
The current global geopolitical environment remains complex and volatile, becoming a core driver of demand for gold reserves.
In the past, central bank reserve risks mainly focused on trade frictions. However, at present, Middle East conflicts, uncertainty in US foreign policy, and global energy security risks have become the main macroeconomic risks facing reserve portfolios. More than 80% of central banks list Middle East geopolitical conflicts as their primary risk, and more than 80% of institutions are highly concerned about market volatility caused by changes in US policy.
At the same time, the global monetary system is gradually transforming towards multipolarity, and nearly 80% of central banks recognize this development trend.
While the US dollar remains the dominant reserve currency due to its high liquidity, central banks around the world have clearly planned to reduce their exposure to dollar assets over the next decade, diversifying their portfolios to hedge against single-currency risks. The allocation to geopolitical safe-haven assets continues to rise, increasing by 11 percentage points compared to 2024, further highlighting gold's long-term strategic value.
Even with gold prices at historical highs, central banks around the world remain optimistic about the future trend of gold.
The report shows that 61% of the surveyed central banks predict that gold prices will stabilize between $5,000 and $6,000 per ounce by June 2027, with only a few institutions believing that high prices will suppress demand . In terms of regional allocation, the European Central Bank has a high base of gold reserves and limited room for further increases, while central banks in emerging regions such as Africa have become the main buyers of new gold, demonstrating a global trend in gold purchasing.
In terms of reserve management strategies, central banks around the world still prioritize principal safety as their core short-term objective and continue to allocate to stable bond assets. However, from a long-term perspective of ten years, the reserve allocation structure is undergoing a major transformation. Central banks are gradually moving away from the traditional single allocation model of sovereign bonds and prioritizing a diversified portfolio system that includes corporate bonds, gold, and listed stocks, with gold's long-term allocation priority significantly increasing.
Correa stated that the long-term geopolitical shocks and monetary system reforms are forcing central banks to optimize their asset structures, balancing safety and profitability, with gold becoming a core asset for balancing risk and appreciation.
In conclusion, the global central bank gold-buying spree is supported by solid fundamentals and strategic logic, and short-term gold price fluctuations cannot shake gold's status as a reserve currency. Against the backdrop of frequent geopolitical risks and the reshaping of the monetary system, gold's safe-haven and value-preserving value continues to stand out. Coupled with the rigid support of long-term central bank purchases, the bottom for gold prices in the medium to long term continues to solidify, and the overall positive outlook for the industry is unlikely to change easily.
According to the "2026 Global Public Investor Report" released by the Official Monetary and Financial Institutions Forum (OMFIF), against the backdrop of geopolitical instability and the gradual multipolarization of the monetary system, the strategic reserve value of gold continues to rise, making it a core preferred asset for central banks around the world, and the supporting logic for a medium- to long-term bull market continues to be solidified.
The global central bank gold-buying spree continues, with allocation ratios steadily increasing.
Despite gold prices repeatedly hitting record highs, significantly increasing the cost of reserve allocation, the willingness of reserve management institutions around the world to purchase gold has not diminished at all.
Andrea Correa, head of research at the Official Monetary and Financial Institutions Forum, said that gold’s strategic reserve status is hard to shake, and even with the continued rise in gold prices, global central banks’ demand for physical gold remains strong.
This survey covered 74 large central banks, with assets under management exceeding US$10 trillion, and the data has strong industry reference value.
Survey data shows that the proportion of central banks holding physical gold has risen to 82%, a significant increase from 71% last year. Furthermore, 30% of central banks plan to continue increasing their gold holdings in the next one to two years, making gold the most favored category among all reserve assets. Correa stated that the continuous increase in the proportion over the years confirms that central bank gold purchases are a long-term, sustained trend, not a short-term, temporary operation.
Geopolitical risks combined with currency changes solidify the core value of gold.
The current global geopolitical environment remains complex and volatile, becoming a core driver of demand for gold reserves.
In the past, central bank reserve risks mainly focused on trade frictions. However, at present, Middle East conflicts, uncertainty in US foreign policy, and global energy security risks have become the main macroeconomic risks facing reserve portfolios. More than 80% of central banks list Middle East geopolitical conflicts as their primary risk, and more than 80% of institutions are highly concerned about market volatility caused by changes in US policy.
At the same time, the global monetary system is gradually transforming towards multipolarity, and nearly 80% of central banks recognize this development trend.
While the US dollar remains the dominant reserve currency due to its high liquidity, central banks around the world have clearly planned to reduce their exposure to dollar assets over the next decade, diversifying their portfolios to hedge against single-currency risks. The allocation to geopolitical safe-haven assets continues to rise, increasing by 11 percentage points compared to 2024, further highlighting gold's long-term strategic value.
The central bank's optimistic forecast for gold prices reflects a solid long-term investment logic.
Even with gold prices at historical highs, central banks around the world remain optimistic about the future trend of gold.
The report shows that 61% of the surveyed central banks predict that gold prices will stabilize between $5,000 and $6,000 per ounce by June 2027, with only a few institutions believing that high prices will suppress demand . In terms of regional allocation, the European Central Bank has a high base of gold reserves and limited room for further increases, while central banks in emerging regions such as Africa have become the main buyers of new gold, demonstrating a global trend in gold purchasing.
Global reserve allocation strategies evolve, gold's long-term status upgraded.
In terms of reserve management strategies, central banks around the world still prioritize principal safety as their core short-term objective and continue to allocate to stable bond assets. However, from a long-term perspective of ten years, the reserve allocation structure is undergoing a major transformation. Central banks are gradually moving away from the traditional single allocation model of sovereign bonds and prioritizing a diversified portfolio system that includes corporate bonds, gold, and listed stocks, with gold's long-term allocation priority significantly increasing.
Correa stated that the long-term geopolitical shocks and monetary system reforms are forcing central banks to optimize their asset structures, balancing safety and profitability, with gold becoming a core asset for balancing risk and appreciation.
Summarize
In conclusion, the global central bank gold-buying spree is supported by solid fundamentals and strategic logic, and short-term gold price fluctuations cannot shake gold's status as a reserve currency. Against the backdrop of frequent geopolitical risks and the reshaping of the monetary system, gold's safe-haven and value-preserving value continues to stand out. Coupled with the rigid support of long-term central bank purchases, the bottom for gold prices in the medium to long term continues to solidify, and the overall positive outlook for the industry is unlikely to change easily.
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