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Just as gold prices post their worst quarterly performance in nearly 13 years, central banks around the world are demonstrating even greater resolve to increase their holdings. The Official Monetary and Financial Institutions Forum (OMFIF) released its 2026 Global Public Investor report on June 30, revealing that gold has firmly secured its position at the core of global official reserve assets, while the dollar’s reserve status faces unprecedented challenges.
Optimistic Price Outlook, Strengthening Strategic Allocation Role
The report, based on a survey of 74 central banks collectively managing over $10 trillion in assets, shows that 82% of respondent central banks currently hold physical gold—a sharp 10-percentage-point increase from 71% in 2024. On price expectations, 61% of respondents anticipate gold will trade between $5,000 and $6,000 per ounce by June 2027, while only 28% believe current high prices will deter further purchases.
Andrea Correa, Head of Research at OMFIF, noted that despite higher prices raising the cost of accumulation, reserve managers remain firmly bullish. A net 30% of central banks plan to increase their gold allocations over the next one to two years, making gold the most favored asset class among all reserve holdings for increased exposure.
The core logic driving this trend has shifted from diversification to strategic hedging. Some 51% of respondents cited “hedging against geopolitical risks” as their primary motivation for gold purchases, an 11-percentage-point rise from 2024. The Middle East conflict (85% concern rate) and U.S. policy uncertainty (81%) have emerged as the top macro risk concerns for reserve managers.
“De-dollarization” Reaches Inflection Point, Multipolar Trend Irreversible
The report documents a historic turning point for the first time: the number of central banks planning to reduce their dollar holdings over the next decade now exceeds those planning to increase them—a first since OMFIF began tracking this metric in 2023. Approximately 79% of central banks believe the global monetary system is irreversibly evolving toward multipolarity.
However, alternative currencies still face structural constraints. The euro lacks a unified, deep safe-asset market, while the renminbi is constrained by market structure and geopolitical factors. Caught between short-term safe-haven demand and long-term structural realignment, gold—with its absence of sovereign credit risk—is emerging as the “anchor” for central banks navigating an era of persistent uncertainty.
Correa stated that central banks are coming to realize that “volatility is no longer a transition phase, but a normal condition to be managed”—which is precisely the inspiration behind this year’s report theme, “Riding the Waves.” As the erosion of dollar dominance and the formation of a multipolar reserve system unfold over a protracted process, gold’s strategic value is expected to continue receiving upward revaluation.
