Central banks surge in gold buying as de‑dollarisation accelerates

The United States is paying an unprecedented $24 billion a week in interest on its near‑$40 trillion debt, raising concerns about fiscal sustainability. At the same time, central banks worldwide are expanding their gold reserves at a record pace. According to the World Gold Council’s 2026 Central Bank Gold Reserves Survey, 45 % of respondents plan to increase holdings in the next year, up from 43 % in 2025 and 29 % two years ago. Central banks have averaged net purchases of 1,000 tonnes of gold annually over the past four years, with 244 tonnes bought in Q1 2026 and another 41 tonnes in May, led by Poland and China.

Survey respondents also expect the U.S. dollar’s share of global reserves to decline, with 74 % predicting a moderate to significant drop over five years. Many banks intend to fund new gold purchases with domestic currency programs and are shifting storage to national vaults. In contrast, Bitcoin ETFs saw $8.9 billion of outflows in May, indicating institutional preference for gold during periods of geopolitical uncertainty.