## Gold in Central Bank Reserves: Strategic Considerations, Market Risks, and Practical Guidance

_IMF Notes, July 9, 2026_

## Source details

**Canonical URL:** [Gold in Central Bank Reserves: Strategic Considerations, Market Risks, and Practical Guidance](https://www.imf.org/en/publications/imf-notes/issues/2026/06/30/gold-in-central-bank-reserves-strategic-considerations-market-risks-and-practical-guidance-576964)

## Other formats

- [Markdown version](/en/publications/imf-notes/issues/2026/06/30/gold-in-central-bank-reserves-strategic-considerations-market-risks-and-practical-guidance-576964/index.md)
- [Structured JSON version](/en/publications/imf-notes/issues/2026/06/30/gold-in-central-bank-reserves-strategic-considerations-market-risks-and-practical-guidance-576964/index.json)
- [Bundle manifest](/en/publications/imf-notes/issues/2026/06/30/gold-in-central-bank-reserves-strategic-considerations-market-risks-and-practical-guidance-576964/bundle-manifest.json)

## Bibliographic details
- Authors: Istvan Mak, Etienne Vaccaro-Grange
- Published: July 9, 2026
- Series: IMF Notes
- DOI: https://doi.org/10.5089/9798229047968.068

---

### Summary overview
- Authors: Istvan Mak, Etienne Vaccaro-Grange
- Publication date: July 9, 2026
- Core conclusion: Gold has re-emerged as a prominent component of central bank reserves, largely reflecting valuation gains from higher gold prices rather than large-scale accumulation.
- Purpose: Assess gold’s role from a reserve management perspective and provide practical guidance for central banks.

### Key findings
- Gold carries no credit risk.
- Gold may support long-term balance-sheet resilience.
- Gold is highly volatile.
- Gold offers only conditional hedging and diversification benefits.
- Gold is ill-suited to the liquidity tranche of reserves.
- Recent prominence of gold in reserves largely reflects valuation gains from higher gold prices rather than large-scale accumulation.
- Domestic gold purchase programs—especially those involving non-monetary gold—can create mandate, governance, balance-sheet, financial integrity, operational, and monetary policy risks.

### Policy guidance and recommendations
- Treat gold as a high-risk reserve asset.
- Anchor gold accumulation decisions in strategic asset allocation and sound policy analysis.
- Apply explicit market-risk haircuts when assessing gold’s effective liquidity.
- Avoid interpreting valuation gains as durable improvements in reserve adequacy.
- Exercise caution with domestic gold purchase programs, particularly those involving non-monetary gold, due to multiple potential risks (mandate, governance, balance-sheet, financial integrity, operational, monetary policy).

### Subject areas and keywords (as provided)
- Subject: Central banks, Commodities, Financial crises, Global financial crisis of 2008-2009, Gold, Gold prices, Gold reserves, International reserves, Prices
- Keywords: Central bank reserves, Global, Global financial crisis of 2008-2009, Gold, Gold prices, gold purchase, Gold reserves, IMF Monetary, IMF note, International reserves, Liquidity, Monetary policy, Point of View, Reserve management, reserve share, Risk management, Safe haven assets

---

## Content in this bundle

- **Insea2026007**
  - [Insea2026007 (Markdown version)](/-/media/files/publications/imf-notes/2026/english/insea2026007.pdf.md){rel="alternate" type="text/markdown"}
  - [Insea2026007 (PDF)](/-/media/files/publications/imf-notes/2026/english/insea2026007.pdf){rel="external" type="application/pdf"}

---

_Source: https://www.imf.org/en/publications/imf-notes/issues/2026/06/30/gold-in-central-bank-reserves-strategic-considerations-market-risks-and-practical-guidance-576964_