Central banks are expected to keep adding to their gold reserves, reinforcing a trend that has supported bullion prices by tightening available supply. The World Gold Council’s 2026 Central Bank Gold Reserves Survey, conducted by YouGov between Feb. 5 and May 19 with 76 responses, found a record 45% of respondents plan to raise gold holdings over the next 12 months, the highest reading since the survey began in 2018 and more than double the 20% recorded in 2020. About 1% expect to reduce holdings. The survey showed 89% expect global central bank gold reserves to rise over the next year, down from 95% in the previous survey, while 83% believe gold will account for a larger share of total reserves in five years, up from 76% previously. More than 90% of reserve managers cited gold’s performance in times of crisis as a key reason to hold it, while its historical legacy as the main rationale fell to 46% from 62% a year earlier. The report also said 74% of respondents expect the U.S. dollar’s share of reserves to decline significantly over the next five years. The findings point to a deeper shift in reserve management, with central banks increasingly treating gold less as a legacy asset and more as a strategic hedge against geopolitical and financial risk. They also suggest Bitcoin’s long-standing “digital gold” narrative has yet to gain similar traction among sovereign reserve managers.