Spot gold climbed to an all-time high of $3,650 an ounce, extending a rally that has added more than 20% to prices this year as central banks continue to diversify reserves away from the dollar.

World Gold Council data show official sector purchases topped 290 tonnes in the first half of 2026, with China, Poland, and India among the largest buyers.

ETF inflows have also turned positive for the first time since 2020, adding to physical demand from jewelry markets in India ahead of the wedding season.

Some analysts see room for gold to test $3,800 by year-end if rate cuts materialize, though others warn positioning is stretched after such a rapid climb.