Global Central Banks Ramp Up Gold Purchases Amid US Dollar Weakness

The XAU/USD index is currently at $4,300 and experiencing sideways movement. This has led to increased demand for gold from various investors, including retail traders, institutional funds, and central banks. In fact, several countries in the Global South, Asia, Africa, and Europe have been aggressively buying up the commodity this year.

According to data, a total of seven countries have accumulated significant amounts of gold in 2026. Their central banks have purchased billions worth of the metal, with some already in profit after making their purchases. The overall market has responded positively to this trend, with analysts predicting that gold prices could reach new highs by the end of the year.

John LaForge, Chief Alternative Strategist at Ned Davis Research, has predicted that gold prices could go above $10,000 due to the uncontrolled US National debt, which currently stands at $40 trillion. This is among the boldest price predictions made for the commodity this year. The overall consensus of analysts remains bullish on gold.