Gold Resists Selling Pressure Above $4,000 as Central Banks Smash New Reserve Record

Gold prices remain steady above $4,000 an ounce, but beneath the surface, options traders are betting big on a breakout to the upside. The put/call ratio has tumbled to 0.379, with 264 call options for every 100 puts, according to data from the Commodity Futures Trading Commission.

Despite this bullish signal, commercial traders have trimmed their net short position by just 0.7% to 213,199 contracts, while large speculators reduced their net long position by 1.5% to 183,910 contracts. Physical inventories at the COMEX also edged lower, with total gold stored in exchange vaults falling by 100,000 ounces to 27.02 million ounces.

Meanwhile, central banks have quietly surpassed a new historic milestone, hoarding more gold than ever before. Official gold reserves now total 36,664.5 tonnes, worth approximately $4.78 trillion at current prices. The United States remains the largest holder, with 8,133 tonnes valued at roughly $1.06 trillion.

Poland has been an aggressive buyer in recent months, purchasing 102 tonnes in 2025 and adding another 63.6 tonnes in the first months of 2026. Central banks have continued to buy gold despite record prices, with net purchases of roughly three tonnes in 2026. A senior data analyst described this trend as 'structural.'

Gold's technical indicators reflect a market in limbo, with the price sitting 10.71% below its 200-day moving average and the relative strength index at 44.7. Wall Street analysts are split on the near-term outlook, but retail investors remain bullish, predicting higher prices.