Why Central Banks Are Doubling Down on Gold

Central banks added to gold reserves at record pace; global gold demand surpassed 5,000 tons in 2025 with central banks accounting for 863 tons of net demand and making it the 16th consecutive year of net purchases; Poland added 102 tons and said a target of 700 tons for its reserves; by early 2026 total central bank gold holdings were about $4 trillion and gold overtook U.S. Treasuries as the primary store of foreign reserve value Perigon signal context: impact positive, driver demand side.