LBMA 2026: Central banks aren’t done with gold as geopolitical risks reshape reserves – Bundesbank’s Nagel - Kitco

Speaking at the LBMA's 2026 conference, Bundesbank President Joachim Nagel indicated that central banks are not finished accumulating gold, framing the metal as a key instrument for managing geopolitical risk rather than a short-term trading vehicle. His remarks suggest reserve managers continue to weigh gold's role in portfolios shaped by fragmentation, sanctions exposure, and shifting currency dynamics.

The signal matters because central bank demand has been a structural pillar of the gold market in recent years. When officials from major institutions publicly reaffirm that stance, it can influence sentiment among institutional and retail investors who track official-sector behaviour as a gauge of long-term conviction.

What to watch: whether Nagel's comments are echoed by other reserve managers at the same event, and how they align with subsequent official reserve disclosures. For market participants, the key takeaway is not a price forecast but a reminder that sovereign buying decisions are driven by policy and risk considerations that can persist independently of short-term price swings.