As they boldly strive for de-dollarisation and turn away from the US dollar, central banks throw themselves into the gold market, pushing demand to previously unheard-of levels. Geopolitical tensions, economic instability, and waning confidence in conventional safe-haven assets drive this strategic rush for the yellow metal, which is expected to drive gold demand to all-time highs in 2025 and prices to all-time highs.
Other factors are at play in the present gold purchasing frenzy. It comes at a time when gold prices are skyrocketing. They have already increased by 29% so far this year, reaching an all-time high of $3,500 per troy ounce in April. Central banks’ demand has held up well in spite of the price increase.
According to economists and precious metals researchers, the worldwide gold rush, spearheaded by the same organisations that earlier based their riches on dollars, demonstrates a significant shift in the structure of international finance.
According to a survey by top consultant Metals Focus, first-quarter purchasing in 2025 was consistent with the quarterly average for 2022–2024, highlighting ongoing demand even at high price points. In its annual gold market forecast, the consultancy predicts that central banks will purchase 1,000 metric tonnes of gold in 2025, the fourth year of strong official sector purchases.
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