Gold Surges Past $4,600 Amid Central Banks' Growing Demand

Gold prices have surged to $4,600 an ounce in recent weeks amid concerns about U.S. debt levels and central banks' demand for precious metals.

The price jump from $4,000 a month ago has raised questions about whether it's too late to buy gold, but experts argue that the current environment makes it a solid longer-term investment.

Central banks have been steadily increasing their gold reserves in recent years, with an average annual purchase of 1,000 metric tons over the past four years. This is more than twice the annual average of the prior decade.

The World Gold Council's 2026 survey found that 74% of central banks expect the level of reserves denominated in U.S. dollars to be 'moderately' or 'significantly' lower in the next five years, indicating a shift towards gold.