Central banks are accumulating gold at 4x normal rates and withdrawing reserves from the U.S., signaling geopolitical shifts in monetary strategy.
Macro & Markets ·
Central banks purchased 79 tonnes of gold in August, roughly four times the 17-tonne pre-2022 monthly average, with China accounting for approximately 25 tonnes of identified demand, according to Goldman Sachs analysis. Simultaneously, gold reserves are being relocated out of U.S. storage, as exemplified by the Dutch central bank's September confirmation that it had moved 86 tonnes from New York and Ottawa to London over the prior six months, citing improved crisis readiness amid rising geopolitical tensions. A higher share of central banks—12% in 2026 versus 10% the prior year—declined to disclose their gold storage locations, while overseas storage diversification expanded to 10% from 2%.