Gold has surged past $5,000 per troy ounce for the first time, driven by central banks stockpiling the precious metal as geopolitical tensions escalate. Poland, Turkey, India and China have been the biggest purchasers, with global central bank purchases exceeding 1,000 metric tons annually for three consecutive years—more than double the 2021 pace.

The shift accelerated after Russia's 2022 invasion of Ukraine, when Western sanctions froze roughly $300 billion in Russian central bank assets held abroad. Gold offers immunity from such financial warfare since it exists as a physical commodity rather than someone else's liability. "Gold is globally liquid, universally recognized, and—crucially—it does not represent anyone else's liability," noted Adam Glapinski, Poland's central bank governor.

Poland's National Bank now holds 580 metric tons of gold valued at approximately $85 billion, up from 228 metric tons in 2022, with plans to expand to 700 metric tons. The Czech National Bank aims to reach 100 metric tons by 2028 after starting from under 10 metric tons. A recent industry survey indicates over one-third of central banks intend to increase their gold allocations in the coming year.