90% of – A World Gold Council survey of 69 central banks found that 90% hold gold mainly because of how it performs in periods of crisis—an urgency that shows up even more sharply among emerging market central banks.
On June 30, 2026, the question of why central banks are buying so much gold came with a simple, blunt answer inside a new World Gold Council survey: when trouble hits, gold has a track record they trust.
The survey—covering 69 central banks—found that 90% of respondents cited gold’s performance during periods of crisis as a primary reason for holding the precious metal. The message wasn’t limited to one group. Among emerging market and developing economy central banks, 92% identified crisis performance as a primary driver. In advanced economy central banks, the figure was 81%.
That same survey also pointed to the other reasons central banks keep adding metal even when markets feel calmer. A total of 84% of respondents cited gold’s role as a long-term store of value and a hedge against inflation.
Geopolitics, too, is showing up in the numbers. The survey found that 85% of emerging market central banks viewed gold as a hedge against geopolitical risks, compared with 56% of advanced economy central banks.
These answers matter because central banks aren’t buying gold in small, experimental amounts. They have remained among the largest buyers of gold in recent years—supporting prices as countries diversify reserves amid geopolitical and economic uncertainty.
A separate World Gold Council survey. published on June 16. reported that central banks bought an average of 1. 000 metric tons of gold annually over the past four years. That pace was described as double the previous decade’s level. The survey also found that 89% of central banks expect global reserves to rise over the next 12 months.
At the same time, gold’s near-term market story is still being shaped by macro forces. Economists and analysts expect rising real interest rates to become the dominant driver of gold’s performance in the short run.
Last week, economist Mohamed El-Erian said renewed, consistent central bank buying could be the next major catalyst for the precious metal.
This week’s trader reality is less gentle. Gold was trading around $3,973 an ounce at publication time, hovering near an eight-month low as higher interest-rate expectations weighed on the metal.
Analyst Daniel Kostecki. of CMC Markets. argued that higher real Treasury yields increase the opportunity cost of holding non-yielding assets such as gold—meaning Federal Reserve policy could end up influencing prices more than geopolitical developments in the near term. That sets up a spotlight on upcoming Federal Reserve decisions for investors tracking SPDR Gold Shares. iShares Gold Trust. and gold miners such as Newmont Corp and Barrick Mining Corp.
The facts line up into a clear sequence: central banks point first to crisis performance, keep building reserves anyway, and markets then react to interest-rate expectations that can either amplify or blunt the impact of those purchases.
For now, the buying doesn’t look like it’s slowing. And as the survey numbers show, the reason is not mainly about fashion or headlines—it’s about what gold does when confidence cracks, inflation bites, and geopolitical risk spreads.
central banks gold demand World Gold Council survey crisis protection inflation hedge geopolitical risks emerging markets reserve diversification real interest rates
So basically they’re buying gold because everything’s about to crash, cool.
I mean 90%?? Sounds like a stock tip lol. If central banks are doing it then regular people should too, right? Either way gold will be fine.
Wait, does this mean the “crisis gold protection” thing is just them hedging against inflation or is it like a war prep fund? Because the numbers say both and I’m confused. Also 1,000 metric tons a year sounds fake like who measures that.
Central banks buying gold is just because they don’t trust the dollar anymore, that’s all. They’ll say “store of value” but it’s really panic buying. And emerging markets at 92%?? That tells you something is about to go down, like soon. Meanwhile my savings account is doing absolutely nothing, so yeah I’m jealous of central banks.