Central banks boost gold reserves as de‑dollarisation gains traction

A World Gold Council survey shows central banks have added an average of 1,000 tonnes of gold per year over the past four years, double the rate of the previous decade. Forty‑five percent of the 76 respondents expect further increases in the next 12 months, while only 1 % anticipate a decline. The survey links the buying spree to de‑dollarisation, with 74 % forecasting a moderate or significant drop in dollar holdings. Half of the banks plan to fund purchases through domestic gold‑buying programmes in local currency, and 38 % intend to sell other reserve assets. African nations, notably Ghana with its scheme to buy 127 t from artisanal miners, are leading the domestic‑program push.

In a related analysis, Portugal emerges as a top per‑capita gold holder, with roughly 382.7 t of gold (about 36.8 g per resident) accounting for 78 % of its total reserves. The country ranks alongside Switzerland, Lebanon, Italy and Germany in per‑capita terms, highlighting a broader trend of central banks treating gold as a strategic store of value and diversification tool amid geopolitical and economic uncertainty.