One force keeps supporting gold even through its correction: central banks. Sustained official-sector buying remains a key structural driver for the metal.
A shift in thinking
Investors are increasingly viewing gold not as a short-term safe haven but as a structural hedge against currency debasement, geopolitical fragmentation and a changing global monetary order. Central banks appear to share that view.
Why it matters
Steady official demand provides a floor under prices and signals a longer-term reallocation toward hard assets. For markets, it helps explain why gold has held up despite a firmer dollar and a sharp pullback from record highs.
Source: Kavout market analysis.