> **来源：[研报客](https://pc.yanbaoke.cn)** # 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.