Gold has surged to its highest level ever, surpassing $2,400 per troy ounce, driven by geopolitical uncertainties and significant purchases by global central banks, especially from emerging markets. Despite rising real interest rates, which typically dampen gold’s appeal, central banks have bought around 2,200 tons since late 2022, accounting for over a fifth of global demand. This trend highlights gold’s allure as a sanctions-proof asset amid geopolitical instability.