Central Bank Gold Purchases Hit 1,000t Average: WGC Survey

The World Gold Council’s 2026 survey reveals a structural acceleration in global central bank gold accumulation to a 1,000t average, driven by interest rate volatility and geopolitical instability. This shift directly impacts Mexico's extraction sector and sovereign reserve management, as official institutions increasingly pivot toward domestic purchase programs and localized refining parameters. Consequently, mining operators and financial stakeholders in Mexico must navigate changing liquidity structures and sovereign allocation strategies as global reliance on the US dollar declines. 

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The World Gold Council released its 2026 Central Bank Gold Reserves Survey.  The report indicates an acceleration in the pace of official gold accumulation, against a backdrop of geopolitical and economic uncertainty. Central banks accumulated an average of 1,000t of gold over the past four years, representing a significant increase from the 500t average recorded over the preceding decade. The survey drew 76 responses, establishing the highest participation on record since the commencement of the annual survey nine years ago. 

Global demand outlooks remain favorable for the gold extraction sector, as 89% of surveyed reserve managers expect global central bank gold reserves to increase over the next 12 months. Furthermore, a record 45% of respondents expect their own institutional gold reserves to increase over the same period. Within the remaining sample, 54% anticipate no operational change to their holdings, while 1% expect a decrease.

Looking further ahead, 84% of managers state that gold will occupy a moderately or significantly higher share of global reserve structures within the next five years. This structural accumulation aligns with a projected decline of the US dollar, with 74% of respondents forecasting lower dollar holdings within global reserves over the next five years.

The primary macro factors dictating reserve management decisions include interest rate levels, flagged as a relevant factor by 92% of participants, alongside inflation concerns and severe geopolitical instability. Because the data collection occurred between Feb. 5 and May 19, 2026, capturing central bank sentiment directly following the outbreak of active military activity in the Middle East, an unprecedented 90% of respondents cited gold's historical performance during crises as highly relevant. This specific risk hedge is prioritized by EMDE institutions, where 95% view geopolitical instability as a key allocation driver, compared to 67% within advanced economies.

New gold purchases occurred primarily through two mechanisms: 50% of respondents used a domestic purchase programme in local currency, while 38% fund acquisitions through the sale of existing reserve assets. Within emerging markets and developing economies (EMDE), domestic purchasing frameworks serve as a prominent mechanism for reserve accumulation. Data shows that 53% of EMDE central banks have a domestic gold purchase programme already in place, and 12% are considering the establishment of such a programme.

Refining and pricing metrics within these domestic buying regimes show distinct operational parameters. According to the report, 12 central banks with active domestic programmes refine their gold at a London Bullion Market Association (LBMA) Good Delivery List refinery, which represents a decrease from 14 institutions in the past year. In terms of financial settlement, 8 EMDE central banks pay the spot international gold price for their domestic supply, whereas 4 EMDE institutions secure a discount to the international gold price.

Active asset management is practiced by 37% of central bank respondents. The primary strategic objectives driving active management include enhancing returns, cited by 85% of respondents, and risk management, which increased to 42% from 22% in 2025. 

Storage and custody arrangements also reflect a growing trend toward geographic diversification. The Bank of England remains the most utilized vaulting location at 57%, followed by domestic storage at 49%. Over the past 12 months, 9% of institutions increased their domestic storage allocations, and 10% diversified their overseas storage locations.
This relocation trend persists in future operational planning, as 7% of central banks plan to increase domestic storage and 9% plan to diversify overseas storage locations over the coming 12 months. “Concerns over interest rates, the inflation outlook, and geopolitical uncertainty show that diversification and risk mitigation continue to be key drivers of strategic reserve management decisions,” reads the World Gold Council’s report.

The survey concludes that while there are some divergencies between advanced economies and EMDE central banks, they continue to see gold as a reliable wealth store and a key component of their long-term reserve strategies. “The trends uncovered in our survey suggest that central banks continue to recognise the benefits of an allocation to gold and indicate that their demand for gold will likely remain healthy into the foreseeable future,” reads the report. 
 

The Countries With the Largest Gold Reserves
According to the World Gold Council's 1Q26 data, the United States continues to lead global sovereign gold reserves by a wide margin, maintaining a total allocation of 8,133.5t. Germany ranks as the second-largest holder and the largest in Europe, holding 3,350.3t of physical gold. Italy occupies the remaining top sovereign positions with 2,451.8t, France with 2,437.0t, and China with 2,313.4t. Together, the top ten nation-states manage approximately 70% of the world's officially reported gold stockpiles.

According to the World Gold Council, Poland recorded the largest gold allocation expansion, growing its holdings by 101.98t in 2025. The country was followed by Kazakhstan with an increase of 56.99t and Brazil with 42.79t. China and Turkey also expanded their national stockpiles, registering net additions of 26.75t and 26.70t, respectively. Conversely, Singapore registered the largest net reserve contraction, reducing its physical holdings by 26.41t. Other central banking authorities recording net liquidations or decreases include Ghana with 11.93t, Russia with 6.22t, Germany with 1.28t, and Mexico with a marginal contraction of 0.17t.