Central Banks Are Buying Gold Through a 25% Correction — Here's What the WGC and OMFIF Surveys Reveal

World Gold Council 2026 Central Bank Gold Reserves Survey

The WGC's survey (73 central bank respondents; published June 16, 2026) shows the strongest buying intentions in the survey's history :

• A record 45% of central banks intend to increase their gold reserves in the next 12 months, up from 43% in 2025 .
• 89% of reserve managers expect global central bank gold holdings to rise over the coming year .
• Quantitative demand data: Central banks bought 244 tonnes net in Q1 2026, up 3% year-on-year and exceeding the five-year quarterly average — making this the strongest sovereign buying cycle since 1967 . China extended its buying streak to 18 consecutive months .
• Long-term trend: Central banks have accumulated an average of ~1,000 tonnes/year over the past four years, double the 500-tonne average of the preceding decade .

OMFIF 2026 Global Public Investor Survey

The OMFIF survey (published June 30, 2026) covers over 70 central banks and sovereign funds :

• First net dollar pullback. For the first time since the survey began, more reserve managers plan to reduce US dollar allocations over 10 years than add to them — marking a structural shift, not a panic .
• Gold price expectations. Central banks expect gold to trade in a $5,000–$6,000/oz range over the next 12 months, indicating confidence that the correction is a cyclical pullback within a higher structural range .
• Gold held by 82% of central banks. The survey frames gold as a core reserve asset for resilience against financial sanctions and geopolitical fragmentation, with institutions becoming "even more committed" to it .

Broader 2026 outlook for gold

• Analyst price targets. Several analysts expect spot gold to reach $6,000/oz in 2026, with the WGC forecasting solid central bank demand at levels close to 2025 .
• Structural drivers remain in place. The WGC outlook cites ongoing geopolitical tensions, elevated central bank buying, strong ETF inflows, and robust bar/coin demand as supporting gold in 2026 .
• Key uncertainties. The outlook depends on resolution of the US-Iran conflict and Fed monetary policy — neither is certain . J.P. Morgan notes that on closer inspection, central bank buying has "cooled" in pace from the 1,000+ tonne years of 2022–2024, but remains very strong by historical standards .

In short: the price correction has not deterred official-sector buying because central banks are making a structural pivot away from dollar-denominated assets toward gold as a neutral, sanctions-resistant reserve asset — a shift both the WGC and OMFIF surveys confirm is still accelerating.