Gold notes a historical reversal in the global reserves of central banks. According to figures in the first quarter of 2026 from the International Monetary Fund and the World Gold Council, gold now holds 24% of stocks, surpassing for the first time since 1990 American bonds found at 21%. In 2015 the picture was reversed, with bonds at 33% and gold at 9%. The value of gold in the vaults reaches $4 trillion. The central banks seek differentiation and reduction of dependence on the dollar, while depreciation is now a clear trend.
Analyticalally:
Gold makes history again. This time not because of its frenzy upward course, nor because of its increased variability, with the top-downs that make investors dizzy. But from the fact that based on the figures of the first quarter of 2026 (Q1 '26) published the «The Global Markets Investor», we are faced with a historical turning point that has changed the balance over the last 30 years.
What's the news about gold?
The big news is that gold has now surpassed American bonds in the global reserves of central banks. Thus the picture of global reserves according to the International Monetary Fund (IMF) and the World Gold Council is as follows:
Gold accounts for 24% of the global reserves of central banks, surpassing the 21% held by American bonds respectively. This has been happening for the first time since 1990. By completely overturning the exact opposite image that dominated 2015. When American bonds accounted for 33% of stocks and gold was only 9%. Today the value of gold in the vaults of central banks now touches $4 trillion.
Of course, the US dollar in the form of cash, bonds and USD deposits still occupies the lion's share in the portfolios of central banks with about 56%, with the euro following at 16% and the other currencies, such as yuan, yen and others, occupying 18%.
The «behaviour» of gold in 2026, he proved that his price will not only be determined by individual events, but also by fundamental structural trends. For example, we saw the price of gold retreating from the high of January 2026, even breaking down downwards and the psychological level of $5,000/ounce, due to the excessive participation and cattle behaviour of small investors, which was certainly not viable. We have also seen that the price of gold was not launched with the war in Iran, but moved up slowly.
Geopolitical uncertainty will always play a central role in the price of gold. It may not be just wars or tensions, the main driving levers for gold. However, the greater the changes in global power balances, the more attractive gold will become as a strategic reserve for central banks and as an alternative and competitive asset to American bonds and the US dollar.
Thus the importance of gold to central banks will increase further, as many of them will seek to diversify their foreign reserves and reduce their dependence on traditional hard currency units, in an attempt to cut off the American dollar's sovereignty. A sovereignty that has been achieved and consolidated in both international trade and security assets.
But it's not just the power projection that makes gold shine or blur. The monetary policies of governments and central banks remain the determining factors, but not through individual decisions to raise or lower interest rates, but through its impact on risk perception and liquidity conditions. Moreover, inflation fluctuations and changing interest rate expectations continue to favour demand for investments that tend to be stable, without yielding dividends or interest, such as gold.
However, as we can see despite the very specific course of the price of gold that is shaped by fundamental sizes, political signals and regulatory or regulatory decisions, they are likely to cause stronger short-term reactions to the gold market. Last year's debate, fame and enforcement of a new framework for international trade policies and sanctions, shows that even rumors of new obstacles can affect the gold market, regardless of whether or not they are finally confirmed.
The price of gold is the «Therefore» a complex narrative with many chapters, reflecting global uncertainty and sensitivity to political and economic shocks. As the Swiss Banking Association stated earlier in a special analysis, «change from dollar reserves to gold, it is no longer a mere prediction, but a clear and existing trend».
Although the trend is clear, it has many intermediate events that make the course of the price of gold more complex than we can imagine. For example, in the last few years there have been strong deposits of 59 tonnes of natural gold on the part of Turkey's central bank in an attempt to support its currency which is constantly undervalued. But on the part of Russia's central bank in an effort to obtain liquidity. It is also noteworthy that the recent move of the central bank of France, to sell 129 tonnes of gold held in the New York Constabulary and to buy them back through a European custody, making profits of 11 billion euros. Sending a political message to the White House.
If we wanted to write three words about the gold course scenario over the next few years, we would choose the «efficiency», the «insurance» and «Global debt».
