BlockBeats news, on June 16, according to a recent survey released by the World Gold Council, global central banks' willingness to allocate gold continues to rise; against the backdrop of a pullback in high gold prices, "buying the dip" is becoming an important strategy for reserve management in some countries.
A survey conducted by the institution in collaboration with YouGov of 74 central banks revealed that 45% of the responding central banks plan to increase their gold reserves within the next 12 months—the highest level since statistics began in 2018—while only one central bank indicated it would reduce its gold holdings. This structural trend indicates that, despite recent declines in gold prices from their highs, long-term allocation demand from global official sectors remains robust.
The report notes that gold prices doubled over the past three years, driven by sustained net purchases by central banks. However, market conditions have shifted since 2026. Geopolitical tensions in the Middle East have fueled volatility in energy prices and reinforced market expectations that interest rates will remain elevated for an extended period, dampening gold’s short-term appeal as a non-yielding asset. Combined with阶段性 speculative capital outflows, gold prices have declined to their lowest level since November last year.
Structurally, emerging markets and developing economies remain the primary drivers of future gold purchases. Survey data shows that approximately 53% of central banks in these economies plan to continue increasing their gold reserves, compared to only 18% of central banks in advanced economies, highlighting a clear divergence in approaches to reserve diversification and risk hedging.
Shaokai Fan stated that the price pullback is reactivating buying interest among some central banks, saying, "The price decline has provided an entry opportunity for several central banks." He noted that in 2025, many central banks had opted to stand aside due to high gold prices, but the current pullback is altering this decision-making pace.
Regarding gold acquisition methods, about half of the central banks planning to increase their gold holdings prefer to purchase gold directly from their domestic mining systems using their local currency, thereby reducing foreign exchange reserve depletion; an additional 38% opt to rebalance their portfolios by selling other reserve assets. This indicates that gold is gradually evolving from a "foreign exchange reserve substitute" into an "internal asset reallocation tool."