Global central banks bought 27 tons of gold worth more than $4.6 billion in February, a 575% jump from January as reserve managers kept diversifying away from the dollar.
Central Banks Gold Buying
The World Gold Council said the pace still trails 2025, when reserve banks picked up 50 tons over the same two-month window. "Just two months into the year, central banks have bought 31t, a pace much slower than the same period last year (50t)," the group said. Gold traded at $4,833 an ounce at the time of writing.
Poland led with 20 tons, nearly three-quarters of the total, while Uzbekistan and Kazakhstan each added 8 tons. China, Malaysia, the Czech Republic and Cambodia made smaller additions.
The council also flagged new African buying, citing the Bank of Uganda's domestic program and similar plans from Kenya's central bank governor Kamau Thugge.
Turkey and Russia were the biggest sellers at a combined 14 tons of gold.
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Bitcoin vs Gold
The bullion rush lands as Bitcoin (BTC) steals some of gold's traditional role in crisis trades, with Bitwise chief investment officer Matt Hougan arguing investors now price it as both digital gold and a call option on future use as a currency.
He points to Iran's reported plan to collect Bitcoin tolls on ships crossing the Strait of Hormuz as evidence.
Gold has swung hard through the conflict.
The metal printed records above $5,500 an ounce in January, then shed more than 21% by late March as rising rates, a firm dollar and ETF outflows hit crowded positions. Bitcoin climbed roughly 12% over the same war period, briefly flipping the script on the traditional safe haven trade.
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