2026年中央银行黄金储备调查

Central Bank Gold Reserves Survey Executive Summary Central banks have accumulated an average of 1,000tof gold over the past four years, up significantly fromthe 500t average over the preceding decade.1Thismarked acceleration in the pace of accumulation has key factors for central banks to hold gold. Inaddition,gold as a geopolitical risk hedge andgold as part of a reserve diversification policy •The majority of respondents (74%) seemoderate or significantly lower US dollarholdings within global reserves over the nextfive years. Respondents also believe that the share Our 2026 Central Bank Gold Reserves (CBGR) surveywas conducted between 5 February and 19 May. Withthe majority of responses coming in after the start ofthe Middle East conflict, this year’s survey contains •This year’s survey asked respondents how theywould fund their new gold purchases.Half ofrespondents indicated through a domestic This year we set a new benchmark, drawing in 76responses2– surpassing the number of surveyrespondents in the previous year and the highestparticipation on record since our survey commencednine years ago. The sample is highly representative of •The Bank of England remains the most popularvaulting location among respondents at 57%,thoughcentral banks continue to diversify theirstorage across multiple locations. Domesticstorage came in second at 49%, followed by the We would like to give special thanks to all centralbanks who took the time to participate in this year’s •A notable increase in changes to vaulting locationswas observed in this year’s survey,with 9% sayingthey have increased domestic storage and 10%saying they have diversified overseas storagelocations in the past 12 months, compared with Key highlights •Similar to findings from previous surveys, centralbanks continue to hold favourable expectations ongold.Respondents overwhelmingly (89%) •This year,a record 45% of respondents expecttheir own gold reserves will also increaseoverthe same period. The majority of the remainingrespondents indicated they expect no change while •Gold’s performance during times of crisis, portfoliodiversification and inflation hedging are some of the Perspectives on gold reserves Composition of Official Foreign Exchange Reserves(COFER) shows that its share has been on a gradualdecline.4And respondents believe this trend willcontinue, with 74% expecting its share to be lower five This year’s survey reinforces the trend:central banks remain very positive ongold, highlighting its significance amid a When asked about expectations for how global centralbank gold reserves will change over the next 12months, respondents were almost unanimous, with89% of respondents believing that official goldreserves will continue to increase (Chart3, p5). This Our survey shows a continuation of the trenduncovered in previous years: central banks see goldmaking up a growing share of their reserve portfolios.84% of respondents believe that gold will hold a(moderately or significantly) higher share of totalreserves five years from now, up from 76% last year. In addition, 45% of respondents thought that theirown institution’s gold reserves would rise over thenext year, broadly in line with last year’s finding (43%).Most respondents did not expect their gold reservesto change in the next 12 months. This marks a new Respondents were less sanguine on the US dollar.While it maintains its position as the dominant globalreserve currency, data from the IMF’s Currency Our findings highlight that gold sentiment within thecentral banking community remains upbeat.Expectations point to continued gold buying over the p5)5with EMDE banks continuing to lead theiradvanced economy counterparts. Among EMDErespondents around half thought that their own goldreserves would increase in the next 12 months, while Strategic considerations in year’s survey where both EMDE and advancedeconomies were similarly concerned. Similardivergences were observed around inflation concernsand geopolitical instability (Chart5, p3). A higherpercentage of EMDE respondents believe that inflation(84%) and the geopolitical situation (95%) remains topof mind; while among advanced economy respondents Survey respondents continued to rankeconomic and geopolitical factors highlyin influencing their reserve managementdecisions. Unsurprisingly, gold’s role as a Respondents were asked which topics were relevant totheir reserve management decisions; 92% indicated“interest rate levels” – on a par with last year’s survey.Other factors that respondents considered relevantinclude “geopolitical instability” and “inflation When asked about relevant factors in their decision tohold gold, 90% of respondents indicated that gold’sperformance during times of crisis is highly orsomewhat relevant to their organisation (Chart6, p3),a record high for this factor. 84% of respondent While central banks from both EMDE and advancedeconomies were aligned on their concern over“interest rate levels”