Gold Rockets Past $4,600 Amid Central Bank Buying

The price of gold has surged past $4,600 an ounce in recent weeks, sparking debate about whether it's too late to buy into the precious metal. One reason for the increase is concerns over U.S. debt levels, which have led global central banks to continue adding to their gold reserves.

A 2026 survey from the World Gold Council found that central banks have been purchasing an average of around 1,000 metric tons of gold annually over the past four years, more than twice the annual average of the prior decade. Over 80% of those surveyed expected the level of reserves denominated in gold to be higher in the next five years.

The bullish argument for gold is largely based on fiscal and geopolitical considerations, with no indication that the U.S. will reduce its deficits anytime soon. Central bank buying also suggests lower confidence in dollar stability, at least in the near term and perhaps longer.