Gold's Two-Speed Rally: Central Banks Buy at Record Pace While Retail Money Floods In

The gold market is experiencing a two-speed rally, with central banks buying at a record pace and private investors finally joining in. This convergence of forces has pushed gold to within striking distance of its recent peaks.

Central banks have resumed their buying spree, acquiring a net 288.9 tonnes of gold in the second quarter, a 62 percent jump from the same period last year and the strongest figure on record. Poland led the charge, adding 51 tonnes in the second quarter and bringing its first-half total to 82 tonnes.

The rebound is notable given the sluggish start to the year, but official-sector buying has now accelerated. The World Gold Council detailed this transformation in late July, highlighting the robust demand picture.