However, this does not mean that the republic is actively accumulating gold reserves. Although gold reserves have increased over the past ten years, the rise in precious metal prices has been a key factor contributing to the record level of reserves, rather than just an increase in volumes.
Current Situation in the Gold Market
The global gold market is experiencing high volatility. Prices can rapidly rise to historical highs and then fall just as quickly. Over the past year, the price of gold has nearly doubled. Global markets continue to experience fluctuations. In January and February 2026, gold prices rose by more than 11% in 52 days, but by early March, there was a significant drop in prices amid an asset sell-off.Despite the decrease in gold purchases by central banks in January 2026 (5 tons compared to an average of 27 tons per month in 2025), an important point was the expansion of the geography of demand: countries that had long shown no interest in gold began to replenish their reserves again. For example, Malaysia made its first purchase since 2018 (3.4 tons), and South Korea announced the resumption of investments in gold through exchange-traded funds, which happened for the first time since 2013.
Goldman Sachs analysts have significantly revised their gold price forecasts, expecting that by the end of 2026, the price will reach $5,400 per ounce (previously forecasted at $4,900). The main factors driving the growth are active purchases by central banks of developing countries (expected volumes average 60 tons per month) and growing interest from private investors who view gold as a safe-haven asset amid geopolitical risks.
