Gold continues to establish itself as a strategic asset of the nation. By the end of 2025, global central banks will have accumulated approximately 38,666 tonnes, representing approximately 17% of the total existing gold supply.
This growth has established them as a major player in the market. Data published by the financial newsletter “Kobeissi Letter” on April 22, 2026 shows a broader reality. Money remains mostly in private hands.
The largest portion corresponds to jewellery, with approximately 97,645 tonnes (43% of the total) in the form of items used for consumption, particularly in markets such as India and China, where gold serves a dual cultural and financial function.
Second place is investment-related holdings. The total of bullion, coins, and exchange-traded funds (ETFs) was approximately 50,978 tons, accounting for 23% of the total.
This category reflects the use of gold as a store of value by individuals and institutional investors.
The remaining supply, approximately 32,602 tonnes (14%), is distributed among other categories, such as industrial uses and private reserves, which were not classified in the previous segments.
It is worth clarifying that the presence of central banks as buyers does not mean that they control the market. But it affects its dynamics.
As CriptoNoticias reported on April 9, for the first time since 1996, the value of gold held by central banks exceeded the value of U.S. Treasury bonds, ending a nearly 30-year gold value cycle. U.S. government bonds served as the primary foreign exchange reserve haven.
According to this analysis, this phenomenon responds to a combination of factors. On the one hand, gold reached a record price in January 2026, while government bonds lost their appeal in a high interest rate environment.
In this scenario, nominal yields increase, but the market value of the bonds in the portfolio also decreases, Increased risk of unrealized lossesespecially as it relates to central banks.
On the other hand, the use of the dollar as a sanction instrument, especially in emerging economies, has increased the diversification of foreign exchange reserves, increasing the search for assets independent of the issuing government.
The move has been led by China, whose central bank has been buying gold for 17 consecutive months. Other countries such as Poland and India are also participating in this process, increasing the importance of precious metals as strategic assets within the global monetary system.
