Goldman Sachs forecasts central banks will buy gold at roughly 50 t/month in
2026, slowing to about 40 t/month in 2027. Although below prior peaks, Goldman
says the sustained buying trend will provide a durable structural floor for gold
prices and materially buffer downside risk. A World Gold Council survey of 76
central banks conducted Feb–May supports this: a record 45% expect to increase
gold reserves in the next 12 months; about 90% expect global central bank gold
holdings to rise and none expect a decline.
