A new Invesco survey reveals that one-third of the world’s largest sovereign investors plan to increase their gold holdings as concerns over US debt and the dollar’s dominance grow, signalling a strategic shift towards real assets in uncertain times.
A third of the world’s largest sovereign investors plan to raise their gold allocations, according to an Invesco survey that underscores how quickly official institutions are rethinking the dollar’s role in their reserves.
The study, which covered 90 sovereign wealth funds and 54 central banks overseeing about $29 trillion, found that concern over US debt has become far more pronounced. Some 61% of central bank respondents said debt levels were damaging the dollar’s long-term standing as the principal reserve currency, up sharply from 20% in 2024. A further 29% expect the dollar’s reserve role to be weaker in five years’ time, compared with 12% in 2022.
The appeal of gold, in this view, is not simply tactical. Reserve managers are grappling with a period in which traditional portfolio diversification has become less dependable, as bonds and equities have at times moved in the same direction during inflation shocks. That has pushed many sovereign allocators towards real assets, with gold emerging as a natural alternative because it carries no counterparty risk and sits outside the US financial system.
The reassessment extends beyond asset allocation. Several institutions told Invesco they were reviewing their dependence on US-based custodians, counterparties and clearing arrangements. One European central bank had already replaced its US custodian, while a Latin American institution was building non-US custodial relationships as a contingency. For some reserve managers, that makes bullion especially attractive: it can be held outside the dollar-dominated infrastructure that is now being scrutinised more closely.
The World Gold Council’s 2026 Central Bank Gold Reserves Survey points in the same direction. It found that central banks have accumulated an average of 1,000 tonnes of gold over the past four years, roughly double the average pace of the previous decade. The council said the survey drew a record 76 responses, reflecting heightened interest in gold’s role in reserve management amid geopolitical and economic uncertainty.
That momentum does not appear likely to fade soon. The World Gold Council said 89% of reserve managers expect global central bank gold holdings to keep rising over the next 12 months, while 45% expect their own institutions to add to gold. Looking further ahead, 83% believe gold will account for a larger share of total reserves in five years’ time.
The broader sovereign-investment backdrop also favours hard assets. Invesco found that 71% of central banks and 54% of sovereign wealth funds now see resilience as just as important as return when designing portfolios. Energy security and energy-transition infrastructure were named by 80% of respondents as the most credible resilience investments, and infrastructure accounted for 9% of sovereign wealth fund assets in 2026.
Taken together, the surveys suggest that gold is benefiting from more than simple inflation hedging. For central banks and sovereign wealth funds, it is increasingly part of a wider effort to build portfolios that can withstand geopolitical fragmentation, weaker correlations and a dollar that is no longer assumed to be unassailable.
- https://investinglive.com/commodities/gold-demand-set-to-climb-as-29-trillion-in-sovereign-capital-rethinks-dollar-reliance-20260628/ – Please view link – unable to able to access data
- https://www.gold.org/goldhub/research/central-bank-gold-reserves-survey-2026 – The World Gold Council’s 2026 Central Bank Gold Reserves Survey reveals that central banks have accumulated an average of 1,000 tonnes of gold over the past four years, up significantly from the 500 tonnes average over the preceding decade. This acceleration in accumulation is attributed to geopolitical and economic uncertainties affecting reserve managers. The survey, conducted between 5 February and 19 May 2026, received 76 responses, the highest participation on record since its inception nine years ago. The findings indicate a growing confidence in gold’s role within reserve management strategies.
- https://www.gold.org/news-and-events/press-releases/central-banks-set-step-gold-buying-over-next-year – The World Gold Council’s annual Central Banks Gold Reserves Survey indicates that 89% of reserve managers expect global central bank gold holdings to continue increasing over the next 12 months. Additionally, 45% of respondents anticipate increasing their own institutions’ gold holdings during this period. The survey highlights gold’s strategic role within reserve portfolios, with 83% of respondents believing that gold will account for a higher share of total reserves five years from now, up from 76% last year.
- https://www.invesco.com/hk/en/investment-ideas/press-and-media/2026/sovereign-investors-prioritize-resilience-diversification-amid-heightened-global-uncertainty.html – Invesco’s 14th annual Global Sovereign Asset Management Study reveals that sovereign investors managing approximately US$29 trillion are reassessing portfolio construction to balance resilience, returns, and diversification amid complex investment environments. The study highlights that 71% of central banks and 54% of sovereign wealth funds consider resilience as important as return in portfolio design. Additionally, 61% of central banks agree that US debt levels negatively impact the dollar’s long-term position as a reserve asset, up from 20% in 2024.
- https://www.kitco.com/news/article/2026-06-02/central-banks-see-gold-reserve-asset-choice-ecb-report – An ECB report highlights that gold has surpassed U.S. Treasuries as the world’s largest reserve asset held by central banks. The report notes that gold accounted for 27% of global reserve assets at the end of 2025, up from 20% a year earlier, while the share represented by U.S. Treasuries fell to 22% from 25%. This shift underscores gold’s growing dominance in global financial markets amid rising geopolitical uncertainty.
- https://www.scottsdalemint.com/articles/2026/gold-overtakes-u-s-treasuries-as-worlds-top-reserve-asset-ecb-says/ – According to European Central Bank data, gold has overtaken U.S. Treasuries as the world’s top reserve asset. The ECB reported that gold accounted for 27% of global reserve assets at the end of 2025, up from 20% a year earlier, while U.S. Treasuries’ share declined to 22% from 25%. This marks a historic shift in global reserve composition, with central banks increasingly accumulating gold amid rising geopolitical uncertainty.
- https://www.investing.com/news/forex-news/sovereign-investors-with-29-trillion-pivot-to-energy-assets-flag-dollar-fears-4764177 – An Invesco survey reveals that sovereign wealth funds and central banks managing $29 trillion in assets are turning to energy assets and raising concerns about the dollar. The survey of 90 sovereign wealth funds and 54 central banks shows an increasing focus on diversification amid geopolitical shifts. Notably, 80% of those polled said energy security and energy transition infrastructure were the most credible investments for making their portfolios more resilient, with infrastructure reaching 9% of sovereign wealth fund assets in 2026.
Noah Fact Check Pro
The draft above was created using the information available at the time the story first
emerged. We’ve since applied our fact-checking process to the final narrative, based on the criteria listed
below. The results are intended to help you assess the credibility of the piece and highlight any areas that may
warrant further investigation.
Freshness check
Score:
8
Notes:
The article was published on June 28, 2026, and references an Invesco survey from April 22, 2026. The World Gold Council’s 2026 Central Bank Gold Reserves Survey was published on June 16, 2026. ([gold.org](https://www.gold.org/goldhub/research/central-bank-gold-reserves-survey-2026?utm_source=openai)) The content appears fresh, with no evidence of recycling or outdated information. However, the reliance on a single source for the Invesco survey raises concerns about source independence.
Quotes check
Score:
7
Notes:
The article includes direct quotes attributed to Invesco’s head of research, Benjamin Jones. While these quotes are specific and relevant, they cannot be independently verified without access to the original Invesco report. The lack of external verification sources for these quotes is a concern.
Source reliability
Score:
6
Notes:
The article originates from investingLive, a niche financial news website. While it cites reputable sources like Invesco and the World Gold Council, the lack of independent verification and the reliance on a single source for the Invesco survey diminishes the overall reliability. The absence of a clear publication date for the article further complicates the assessment.
Plausibility check
Score:
8
Notes:
The claims about sovereign investors increasing gold allocations due to concerns over the US dollar’s reserve status align with recent trends in central bank gold purchases. ([gold.org](https://www.gold.org/goldhub/research/central-bank-gold-reserves-survey-2026?utm_source=openai)) However, the article’s reliance on a single source for the Invesco survey and the lack of independent verification for specific claims about sovereign investors’ intentions are notable concerns.
Overall assessment
Verdict (FAIL, OPEN, PASS): FAIL
Confidence (LOW, MEDIUM, HIGH): MEDIUM
Summary:
The article presents information that aligns with known trends in central bank gold purchases and concerns over the US dollar’s reserve status. However, the heavy reliance on a single source for the Invesco survey, the inability to independently verify specific claims, and the lack of independent verification sources raise significant concerns about the article’s reliability and accuracy. These issues lead to a FAIL verdict with MEDIUM confidence.