Central Banks Hoard Record Gold as Market Struggles to Regain Footing

The world's central banks have accumulated a record amount of gold reserves, holding 36,664.5 tonnes as of now, yet the metal itself is struggling to regain its footing in the market.

This disconnect between structural demand from monetary authorities and acute macro pressure from rising oil prices and hawkish Fed bets has caused gold to trade below $4,100 an ounce and pull back from a brief spike above $4,150 that marked its highest level since July 7.

The retreat leaves gold just 3.9% above its 52-week trough of $3,901.30 and 4.69% below its 50-day moving average of $4,252.94, with the relative strength index sitting at 44.5, suggesting further consolidation may be in store.

Poland has been the most aggressive buyer, adding a net 31 tonnes in Q1 alone, worth about $4 billion, while the World Gold Council's 2026 Central Bank Gold Reserves Survey reveals that gold has overtaken U.S. Treasuries as the world's largest reserve asset.