LBMA 2026: Central Banks Identify Fresh Reasons to Expand Gold Reserves

Over the past four years central bank buying has anchored the gold market, as reserve managers increasingly regard the metal as a strategic buffer against geopolitical uncertainty and financial market turbulence. Speakers at the LBMA Precious Metals Conference from Europe, Africa and Latin America stressed that gold now serves purposes well beyond a simple inflation hedge.

UBS survey data reveal that 65% of respondents cite diversification as the top motive for holding gold in 2026, followed by geopolitical risk management. The metal remains among the assets central banks expect to add to reserves alongside euro- and renminbi-denominated instruments.

Poland targets 700 tonnes, up from 100 tonnes in 2018, viewing gold as a long-term stability pillar without credit risk, according to Tomasz Malkowski. Italy maintains 2,450 tonnes and has pledged the metal for emergency liquidity in past crises, noted Gioia Cellai. Ghana’s domestic purchase program lifted acquisitions from 3.47 tonnes in 2022 to 110 tonnes in 2025 and will add roughly 30 tonnes annually from miners, strengthening the currency and cutting inflation from 24% to 5.4%.