Gold continued to strengthen its role as a global safe-haven asset in 2025, with central bank gold reserves reaching 26.6% of total reserves, the highest level since 1993. At the same time, private investor allocations to gold climbed to their highest level in nearly four decades.
The trend reflects growing demand for defensive assets amid concerns over inflation, rising sovereign debt burdens, and geopolitical uncertainty. It also highlights gold's renewed importance as a store of value and a key portfolio diversification tool.
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