Central banks amplify gold purchases as de‑dollarisation gains momentum

A 2026 survey of 76 central banks found that 90% view gold as a safe‑haven during crises and 84% regard it as a store of value, with emerging‑market banks placing even greater emphasis on its crisis‑preserving qualities. Respondents indicated that geopolitical risk and diversification drive continued gold holdings, and many are expanding overseas storage.

For three consecutive years (2022‑2024) central banks bought over 1,000 tonnes of gold annually, more than double the previous decade’s average. 2025 purchases are projected near 860 tonnes, while Q1 2026 saw a 17% quarterly rise, led by Poland (31 t), Uzbekistan (25 t) and China (8 t in April). The BRICS+ bloc now accounts for over half of global central‑bank gold buying, raising its share of world gold reserves from 11.2% in 2019 to 17.4%.

The surge is linked to de‑dollarisation after the 2022 freezing of Russian assets, prompting non‑aligned nations to seek alternatives. A World Gold Council survey shows 45% of central banks plan to increase gold holdings, rising to 53% among emerging economies. Private‑sector actors such as Tether also hold significant gold, over 116 tonnes, underscoring the broader move toward gold‑backed assets.