This includes the targeting of Russian central bank reserves after Vladimir Putin’s invasion of Ukraine. From about 66% of total central bank reserves a decade ago, it has slipped to about 57%. So in times of political uncertainty and instability you see gold spikes in terms of central banks. So central banks have started to look at that and say: ‘If I want gold reserves, am I comfortable with them in-country, or at other depositories?’. Central bank purchases rose by 10% in the year to September, according to the World Gold Council, led by Poland, Kazakhstan, Azerbaijan and China.

Source: The Guardian January 16, 2026 20:30 UTC