Goldman Sachs · Tether · Crypto Briefing
Central banks expect to increase gold reserves, supporting bullion rally
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A record 43% of central banks plan to grow their own gold holdings as sovereign demand reshapes the bullion market.
Key facts
- The World Gold Council’s 2025 survey found that 95% of central bank respondents expect global gold reserves to increase over the next 12 months
- Goldman Sachs forecasts that central banks will buy an average of 60 tonnes per month throughout 2026
- The shift from 81% to 95% optimism about gold reserves in a single year reflects something beyond tactical positioning
- The demand is happening despite gold prices hovering near $5,000 per ounce
Summary
Nearly every central bank on the planet thinks gold reserves are headed higher. Central banks collectively purchased a net 244 tonnes of gold in Q1 2026, a figure that exceeded both the prior quarter and the five-year quarterly average. The demand is happening despite gold prices hovering near $5,000 per ounce. Gold doesn’t carry counterparty risk.