African Gold Reserves Surge as Central Banks Seek Dollar Alternatives
African central banks' gold reserves increased by 113.5% to $66.6 billion in Q2 2026 from $31.2 billion in Q2 2023.
In Brief
- •African central banks' gold reserves increased by 113.5% to $66.6 billion in Q2 2026 from $31.2 billion in Q2 2023.
- •Physical gold holdings across eight African countries edged up to 509.2 tonnes in Q2 2026 from 505 tonnes in Q2 2023.
- •Gold's value doubled from $1,955 per troy ounce in 2023 to around $4,166 recently, boosting reserves' dollar value.
- •Algeria, Egypt, and South Africa hold the largest gold reserves by value at $22.5 billion, $16.8 billion, and $16.3 billion respectively.
- •Gold reserves accounted for 20.6% of the combined gross reserves of the eight countries in Q2 2026, up from 10% in Q2 2023.
Why It Matters
The surge in African gold reserves reflects central banks' efforts to diversify reserve assets and reduce exposure to currency and geopolitical risks. As gold prices continue to rise, the dollar value of these reserves has significantly increased, potentially strengthening the financial resilience of African economies. This trend underscores the growing importance of gold as a store of value in an uncertain global economic landscape.
Key Details
- Total Gold Reserves Value
- $66.6 billion
- Physical Gold Holdings
- 509.2 tonnes
- Gold Price in 2023
- $1,955 per troy ounce
- Gold Price in Q2 2026
- Around $4,166 per troy ounce
- Percentage of Gross Reserves
- 20.6%
Context & Background
Central banks have been increasing their gold holdings over the past several years, reassessing the role of gold in a world shaped by geopolitical uncertainty, shifting currency dynamics, and concerns over financial resilience.
Original Reporting & Sources
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