Between 2020 and 2025, the gold market was heavily influenced by central bank flows, geopolitical shifts, and de-dollarization trends. Below is a structured look at the largest net buyers and sellers over the period.

Structural buying from emerging markets contributed to:

• strong long-term price support
• reduced downside volatility during risk-off events
• record nominal gold prices in later years

COT positioning often showed:

• commercial hedging near peaks
• speculative positioning extremes during breakout phases

From 2020 to 2025, gold shifted from being primarily an inflation hedge narrative to becoming:

🌍 a geopolitical hedge 💵 a de-dollarization tool 🏦 a strategic reserve asset

Central bank demand has been one of the strongest structural pillars of the gold bull cycle.