Gold Surges Past $4,128/oz as Central Bank Demand Shatters Quarterly Records
Sovereign reserve diversification and easing real-rate expectations propelled bullion up more than 55% year-to-date, tightening physical supply in London and Zurich.
Sophia Bennett
Head of Commodities Research · Vizyon Capital
Gold continues its historic ascent, trading at $4,128 per troy ounce after touching a fresh intraday peak in European hours. Silver tracked bullion higher to $52.84, lifting precious-metals miners across North America and London.
Three structural pillars behind the rally
First, sovereign accumulation shows no signs of slowing. World Gold Council figures confirm central banks added 220 metric tons on a net basis last quarter, led by emerging-market reserve managers seeking insulation from dollar concentration.
Second, shifting Federal Reserve expectations have compressed real 10-year TIPS yields, eroding the opportunity cost of holding non-yielding bullion.
Third, persistent fiscal deficits across G7 economies have spurred renewed ETF allocations from pension funds and family offices—reversing three years of steady redemptions.
Vizyon Capital outlook
Our Commodities Desk maintains a Q1 2026 target of $4,350/oz for spot gold, with initial structural support anchored in the $3,920–$3,980 corridor. Investors adding exposure should note widening spreads between physical bars and paper ETFs during peak volatility windows.
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