Current Gold Price over $4,400 – Why Central Banks Are Fleeing the Dollar

It is a historic Monday for financial markets: Anyone tracking the current gold price is witnessing an unprecedented development. For the first time in history, the precious metal has breached the $4,400 mark. But unlike previous rallies, this isn't just driven by retail speculation—it is a flight to safety by sovereign states. We analyze the crumbling trust in the US Dollar and reveal who is hoarding the most bullion right now.

A Year of Records: Gold Makes History

For the 51st time this year, global tickers are flashing a new all-time high. At its peak on Monday morning, the price for a troy ounce climbed to $4,420 USD. This brings the year-to-date gain to an impressive 68 percent.

But behind the green charts lies a deeper message: The global financial system is undergoing a paradigm shift.

The Real Driver: The Flight from the Dollar

While US economic data and Fed rate cuts dominate the daily news cycle, a tectonic shift is happening in the background: "De-Dollarization."

More and more central banks—led by the BRICS nations and Eastern Europe—are actively reducing their holdings of US Treasuries. The reason is a rapid loss of confidence:

• Weaponized Currency: The use of the Dollar as a political tool (sanctions) has shown many nations that dollar reserves can be frozen in an emergency. Gold, however, belongs only to the holder.
• Debt Spiral: US national debt has continued to explode in 2025. The risk of devaluation of the "Greenback" is driving monetary guardians into the only neutral reserve asset: Physical Gold.

Who Holds the Most Gold? (Top 12 Central Banks)

Official gold reserves have climbed to new record levels in 2025. China and Poland, in particular, have stood out recently with massive accumulations.

Rank	Country / Institution	Gold Reserves (in Tonnes)	Trend 2025
1	USA	8,133	Unchanged
2	Germany	3,352	Stable
3	Italy	2,452	Stable
4	France	2,437	Stable
5	Russia	2,333	Slight Increase
6	China	2,304	Strong Increase
7	Switzerland	1,040	Stable
8	India	880	Strong Increase
9	Japan	846	Stable
10	Netherlands	612	Stable
11	Turkey	605	Volatile / Increasing
12	Poland	520	Massive Increase

Data: December 2025. Sources: World Gold Council / IMF Estimates.

Silver & Outlook: Goldman Sachs Sees $5,000

Silver is also benefiting from this monetary awakening, trading just shy of $70 USD (+140% YTD). Experts at Goldman Sachs believe the peak is yet to come. In their latest note, they raised their gold price target to $5,000 for 2026, driven by the "insatiable demand from central banks."

Conclusion: Do What the Central Banks Do

When the world's most powerful financial institutions shift their wealth from unbacked paper currencies into physical gold, private investors should pay attention. Central banks don't buy gold to get rich; they buy it to stay rich.

Is your wealth secured?

Use the current momentum as confirmation of your strategy. With the Spargold App, you can trade precious metals easily and flexibly—securing your own personal "Gold Standard" for your portfolio. Make yourself independent of inflation and currency experiments.

Stay forward-thinking

Your Nils Gregersen