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Craig Hemke: Central bank gold demand and price trends
By Craig Hemke
Sprott Money, Toronto
Tuesday, June 9, 2026
Central bank demand has been a key driver of the gold price since 2023. While a few countries have sold some gold in early 2026, several others have picked up the pace and their continued demand provides long term support for price.
During interviews in late 2025, I recall being asked what could derail the bull market in precious metals. My answer was an interruption in the record level of central bank gold demand that had persisted from 2023-2025. At the time, there were no signs that central bank gold demand would relent but we didn't have to wait long for things to change.
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The onset of the Iran war disrupted the fundamental drivers of many markets, crude oil being the most obvious. But the market for U.S. treasuries has also been impacted by selling due to inflation expectations and global central bank reserve management as sovereign holdings have been sold in order to provide liquidity and local currency support.
And these central bank actions extended to gold sales too, most notably from Turkey, where the central bank is reported to have sold as many as 120 metric tonnes of gold in March and April. ...
... For the remainder of the analysis:
https://www.sprottmoney.com/blog/central-banks-bid-central-bank-gold-demand-gold-price-trends
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