Central banks are expected to expand their gold holdings, while the US dollar’s dominance in global reserves will fade in five years, according to the World Gold Council.About nine in 10 central banks expect global central bank gold holdings to continue increasing over the next 12 months, according to the council’s annual Central Banks Gold Reserves Survey, published on June 16.A record 45 per cent of central banks said they plan to increase their own institutions’ gold holdings over the next 12 months, up from 43 per cent last year.Gold has recently overtaken US government bonds as the top reserve asset, the survey revealed, which polled 76 central banks between February 5 and May 19, with most responses received after the start of the Middle East conflict.Sentiment towards the US dollar stands in sharp contrast. Some 74 per cent of respondents expect the dollar’s share of global reserves to be lower within five years.