According to Bloomberg, central banks have emerged as the primary drivers behind the record-breaking surge in gold prices. Over the past three years, global central banks and sovereign wealth funds have doubled their gold purchases, averaging about 80 tons per month, valued at approximately $8.5 billion at current prices. This trend indicates that the rally in gold prices may persist for an extended period due to concerns over the dominance of the U.S. dollar and geopolitical tensions.

Statistics from the World Gold Council show that central banks and sovereign funds have collectively bought 1,000 tons of gold annually over the past three years, accounting for at least a quarter of global annual production. A survey by HSBC revealed that more than a third of central banks plan to increase their gold reserves by 2025. Goldman Sachs has projected a year-end gold price target of $3,700 per ounce, driven by ongoing geopolitical tensions and inflationary pressures, which position gold as a safe haven.