Central banks added hundreds of tonnes of gold in 2025 while prices hit record highs. Their steady buying is reshaping the market and raising expectations for 2026 demand. Official gold purchases reached 45 tonnes in November 2025, lifting total buying for the first 11 months of the year to about 297 tonnes. At the same time, gold pushed to new all-time highs in January 2026, showing how official demand and market momentum are moving together. Many central banks prefer gold because it carries no counterparty risk and cannot be frozen or sanctioned. As real interest rates trend lower, holding gold becomes more ... (full story)