🏛️ Central-bank buying and de-dollarisation
Central banks bought over 1,000 t a year in 2022–24, a key reason gold shrugged off high interest rates.
Now · updated 2026-10-26
Supportive PBOC added ~23 t in September, 23rd straight month
Net sellers in the 1990s–2000s (the 1999 Washington Agreement capped sales), central banks turned net buyers from 2010 and doubled purchases after Russia’s reserves were frozen in 2022. Their price-insensitive buying cushions dips; it helps explain record gold prices in 2023–25 despite high US rates. The PBOC added ~23 t in September 2026, its 23rd straight month.