Online Reporter
Business Reporter
Central banks globally are accelerating their shift towards gold as a primary strategic reserve asset, with a record 45 per cent of monetary institutions expecting to increase their own gold holdings over the next year.
The findings were published in the 2026 Central Bank Gold Reserves (CBGR) survey released this week by the World Gold Council (WGC), which drew record participation from 76 central banks.
Analysts indicate that the structural shift provides powerful, long-term fundamental support for international gold prices.
According to the report, central banks have accumulated an average of 1,000 tonnes of gold annually over the past four years, doubling the 500-tonne annual average recorded over the preceding decade.
An overwhelming 89 per cent of surveyed reserve managers believe that global central bank gold reserves will continue to rise over the next 12 months.
A record-high 45 per cent of respondents plan to actively purchase gold for their own institutional portfolios in the coming year, led by emerging markets and developing economies (EMDEs).
A total of 84 per cent of central banks project that gold will command a moderately or significantly higher share of global reserve portfolios five years from now, a notable jump from 76 per cent in last year’s survey.
The survey highlights a dramatic collapse in sentiment regarding the US dollar.
A substantial 74 per cent of respondents anticipate that the greenback’s share of global reserves will drop moderately or significantly over the next five years.
This view is shared equally by advanced economies and EMDE central banks. According to the WGC, “interest rate levels” remain the top overall factor driving reserve decisions at 92 per cent, but “geopolitical instability” has surged ahead of “inflation concerns” as a secondary driver.
The shift is primarily attributed to expanding global tensions, including conflicts in the Middle East.
The aggressive accumulation of bullion comes at the expense of the US dollar, as reserve managers brace for prolonged economic and geopolitical turbulence.
With global reserve managers warning that fewer new gold mines are available to meet expanding structural demand, Zimbabwe’s vast, under-explored gold deposits place the local mining sector in a prime position to enjoy long-term export revenue growth.
A wave of investment is underway, with new projects such as Caledonia Mining’s Bilboes development and Ariana Resources’ Dokwe project expected to substantially boost production and export revenues in the coming years.
