Comment by icegreentea2

The events of the last year certainly have a role to play, but the overall effect is just the result of trendlines that have been in play for quite a while.

Here's a world gold council (i know...) review/survey of central banks gold holdings from mid 2025 (https://www.gold.org/goldhub/research/central-bank-gold-rese...). It notes that gold purchases (by mass) have been elevated going back to ~2023.

Gold prices have also been on an upward trajectory ever since 2023 (https://goldprice.org/gold-price-history.html)

Whatever is happening now is bigger than actions over the last year.